How do we opt back into SERPS

elisebutt65

Or SP2 thingy - I've looked all over http://www.thepensionservice.gov.uk/serps/home.asp

but I'm still none the wiser

trickytrolleys

you need to complete inland revenue form ca1543 (best check with them though)

jonathon_hart

What are you opting out via your company scheme or some type of personal pension?

If you are opted out via your company pension then I don't think you can opt back in as it is the entire scheme that is opted out not you individually.

dunstonh

If you are opted out with a personal pension then it may be worth staying opted out as the rebates are going up for most people. With more and more people financially better off by contracting out (mainly due to the recovery in the markets following the early decade drop) and the advantages post A day compared to contracting in, the decision is not so clear cut as it was say a year or two back.

elisebutt65

I haven't worked or contributed to a pension for about 7 years now - I did have a private pension years ago but stopped paying it when I stopped working - they still send me statements end recently sent me a letter advising me to opt back in.

I'm studying to be a teacher at the mo and haven't any money free to pay into anything at all right now but hope to start paying into another private pension when and if I get a job after qualifying next year.

jonathon_hart

If you aren't paying into a pension then you can't currently be opted out.

elisebutt65

jonathon_hart wrote: »

If you aren't paying into a pension then you can't currently be opted out.

Oh - Okay then I was under the impression that I stayed opted out until I opted back in - IYSWIM???

God why is everything soo confusing!!!!!

dunstonh

they still send me statements end recently sent me a letter advising me to opt back in.

AFAIA they dont advise you to opt back in. They are not authorised to do so. However, if the pension is low quality and invested in low potential growth funds they will paint a picture which suggests you contract back in.

What they ought to be doing is saying "our pension is rubbish and you should transfer it to something better". Obviously they are not going to do that though!

On paper you are contracted out but as you are not earning then it doesnt make any difference whether you are in or out.

EdInvestor

elisebutt65 wrote: »

I haven't worked or contributed to a pension for about 7 years now - I did have a private pension years ago but stopped paying it when I stopped working - they still send me statements end recently sent me a letter advising me to opt back in.

I'm studying to be a teacher at the mo and haven't any money free to pay into anything at all right now but hope to start paying into another private pension when and if I get a job after qualifying next year.

As mentioned there's no need to do anything about opting out or in right now.But if you are in "tidy up my pension" mode, then you might consider posting some info about the one you have already got, to see if it should be moved or switched to a selection of new funds at the same provider.

A pension started 7 years ago may well be fine, but some are undoubtedly obsolete.

Company
Pension fund value
Funds it is invested in
Other fund choices available
Annual charges

Even if you are not contributing to it, a pension needs attention like any other investment to make sure it is performing well.

seven-day-weekend

If you are in the Treachers' Pension scheme when you qualify that too is opted out. It is an excellent pension scheme.

scat

My other half keeps nagging me to opt back in.

When I was 20 we had some people hard-selling through work. I didn't have a clue about it but they convinced me it was a good idea and I signed.

I then quit my job and went back to College, then had a baby... to cut a long story short I didn't return to work until last year. I'm working part-time and under the earnings threshold so still not paying NI or Tax. I'm now 37.

What do I do? Should I be opting back in not? I work for the LEA so can opt into their pension scheme but am on such a small income already I'm loathe to lose any more of it!