trying to get pension ducks in a row

roisindubh

Hi

something similar has probably been posted before but I couldn't see it so here goes.

I'm about to hit 53, I've had close on 10 different addresses and sixteen jobs since I started working back in 1984. Talk at work got around to pensions and I realised I haven't got a clue where most of mine are at. The head of business suggested I get a handle on what is where and we started discussing SERPS back in the 80's and he suggested I've probably lost a big chunk of my state pension by opting out. He suggested I try to find out what I have lined up for when I retire and what effect SERPS will have on my pension.

My question is is there a way that doesn't cost too much money (as I'm a lowly paid employee in the motor trade) Where I can use my NI number to see:

1. What private pensions I have ( i know I have at least two or three pensions that I have been auto enrolled in)

2. How to track down where my SERPS opt out started in the late 80's went to ( I was a teenager more interested in music and beer than something 50 years down the line so I signed on the dotted to opt out and can't remember what happened afterwards.)

3. What effect my opt out will have on my state pension at retirement age

I guess I'm trying to find a definitve answer of where my money has gone since 1986/7, what I am likely to see on retirement including what I will get state pension wise so I can look at my best options re consolidating it.

Everything I've googled so far seems to want to charge several hundred pounds to do a full pension review and to be fair I haven't got that sort of money.

Any advice gratefully received, thanks

xylophone

Start here

https://www.gov.uk/check-state-pension

https://www.gov.uk/find-pension-contact-details

roisindubh

thanks for that, will give it a go

p00hsticks

roisindubh wrote: »

we started discussing SERPS back in the 80's and he suggested I've probably lost a big chunk of my state pension by opting out.

On the contrary, I expect that, being over a decade away from State Pension Age, you'll more than likely come out a winner under the transitional rules from the introduction of the new State Pension.



But as xylophone says, get your individual State pension forecast to see what it says.

Johnnyboy11

If you can remember which Companies you worked for, or the names of any of the Directors, then you could have a look at the Government's Companies House register to obain the latest contact details, which you can follow-up with an enquiry about your previous employment or pension membership.

https://www.gov.uk/get-information-about-a-company

DairyQueen

roisindubh wrote: »

2. How to track down where my SERPS opt out started in the late 80's went to ( I was a teenager more interested in music and beer than something 50 years down the line so I signed on the dotted to opt out and can't remember what happened afterwards.)

HMRC has a record of the pension schemes that received your contracted-out benefits. If you call them and request a history of your 'contracted-out schemes' they will be able to tell you scheme names and dates, but not amounts.

roisindubh wrote: »

3. What effect my opt out will have on my state pension at retirement age

Your SP forecast will include a 'COPE' (Contracted Out Pension Equivalent) value. This amount is the total value that has been factored-in to allow for paying reduced NI whilst you were contracted-out throughout your working life.

This value was one factor used to calculate your new SP (nSP) starting amount when it was introduced in 2015/16. It will have reduced your starting amount but it's highly likely that, given your age and if you continue working, the years of NI credited between 2016 and when you receive SP will replace any COPE reduction. Not only that, but at your age, it is likely that you have sufficient time to receive enough post-2016 years of NI credits to receive the full new SP regardless of your contracting-out history.

If so, lucky you, as you will receive the full nSP in addition to the pension benefits you have accrued from the schemes which received your contracted-out NI.

It is therefore possible that you are better off thanks to the intro of the nSP.

The starting amount was calculated individually for every person so you need to check your SP forecast to see how you have been affected by contracting-out.

Post back on here if there is anything you don't understand about your forecast and one of the experts will explain. Colleagues and mates can be a mine of misinformation but I guarantee that xylophone would win Mastermind on this as his specialist subject.:)

[Deleted User]

Write to this address:
NISPI
National Insurance Contributions and Employers Office
HM Revenue and Customs
BX9 1BX
United Kingdom

They will give you a detailed breakdown of the employers and dates where you were contracted out. I did this a few months ago - takes about three weeks (from memory)

xylophone

but I guarantee that xylophone would win Mastermind on this as his specialist subject.

I think Snowman and Poohsticks would be strong contenders.....and indeed after your own research into the subject,

https://forums.moneysavingexpert.com/discussion/6009662/warning-double-check-state-pension-forecasts-after-govt-admits-significant-errors-mse-news&page=2

so would you....:)

roisindubh

many thanks for all the replies. I will give this a good going over at the weekend and comeback with what I find (along with any queries if they crop up).

roisindubh

Hi again. had 30 mins at work so I looked at the first link xylophone gave which says I should get the full state pension of 168.60 if I contribute another 3 years NI before 2033. That's not an issue as I plan on working for at least another 13 years.

There was also a mention as per DairyQueen's reply of being contracted out and a COPE figure of 32.45 per week which if I read this right I will received 168.60 + 32.45 per week nsp and cope.

Am I right in assuming that my current workplace pensions where I have been automatically enrolled by my last three employers since 2013 will be separate to that. I have the details for the last 6 years at home as I have stayed at the same address since 2011. The contracted out details I can get from the address in Deleted_User's post.

SO in summary just to make sure I am correct when I retire on or after 2034 I should expect at current figures 168.60 nsp, 32.45 cope plus whatever my current private pensions are with my employers.

Cheers guys, figures not looking quite so bleak after all

atush

COPE is a minus, not a plus. And it is a minus from your foundation amount as set in 2016.