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Opted out of state pension in 1983 ?
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LilacLillie
Posts: 2,930 Forumite
In 1983 I joined 2 other women to form a co-operative selling our own knitwear in London.
I was told at that time that everyone would soon be opting out of the state pension and advised to, as soon as possible.
I never contributed over the years and left the co op about 3 years later.
My husband died last month and I've come across the old papers, they've changed hands a few times over the years.
In 2018 my husband (who dealt with our finances), asked me to sign a letter to cash in from the private pension, which he said was a waste of time, and I received £6000.
What a fool I was and am!
Is there anything I can do now about this?
Any advice would be much appreciated.
Thanks in advance
LL
I was told at that time that everyone would soon be opting out of the state pension and advised to, as soon as possible.
I never contributed over the years and left the co op about 3 years later.
My husband died last month and I've come across the old papers, they've changed hands a few times over the years.
In 2018 my husband (who dealt with our finances), asked me to sign a letter to cash in from the private pension, which he said was a waste of time, and I received £6000.
What a fool I was and am!
Is there anything I can do now about this?
Any advice would be much appreciated.
Thanks in advance
LL
We are all in the gutter but some of us are looking at the stars........................
0
Comments
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It has never been possible to opt out of the state pension.
The closest you could get was contracting out of SERPs but that started in 1988. (SERPS being a top up to the basic state pension).In 2018 my husband (who dealt with our finances), asked me to sign a letter to cash in from the private pension, which he said was a waste of time, and I received £6000.As you never contributed to the pension from 1983 to 1986, where did this pension come from?Is there anything I can do now about this?no. these decisions are pretty much cast in stone.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
It has never been possible to opt out of the state pension.
The closest you could get was contracting out of SERPs but that started in 1988. (SERPS being a top up to the basic state pension).In 2018 my husband (who dealt with our finances), asked me to sign a letter to cash in from the private pension, which he said was a waste of time, and I received £6000.As you never contributed to the pension from 1983 to 1986, where did this pension come from?Is there anything I can do now about this?no. these decisions are pretty much cast in stone.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It really shows how much I know 😰 nothing. I think I'll have to hand it to my son to deal with.We are all in the gutter but some of us are looking at the stars........................0
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