Was I Contracted Out??

Langtang

molerat said:

That is your actual forecast and shows that at April 2016 you were already over the maximum new pension and the calculation was made under the old system rules. Anything you did from then on would have no effect on the amount you receive. The only time to query it would be if no COPE was shown and you had been contracted out.

Excellent, thanks for the info.

andrewandyandrew

Thanks everyone. Mine says I am due the full amount as I complete 35 years I two years. 

When I worked abroad I ended up coming back onto. U.K. payroll. So every tax year I paid one months contribution but it does say incomplete for those couple of years. However it even seems to credit my summer jobs into my NIC record.
It does give me full pension entitlement. I am still confused. It’s too late in the evening and the gov gateway code is already buried again but I’ll look again tomorrow but I am sure it just gives me full entitlement to the new pension albeit I can’t drawn on it for 14 years.

Brynsam

p00hsticks said:

'Contracting out' by itself wasn't usually a choice for the employee - the choice would be whether or not you wished to enroll in your employers pension scheme.  If you were enrolled in the scheme then you were contracted out of the Additonal State Pension (SERPS (State Earnings Related Pension Scheme) or later S2P (State Secondary Pension) ) 

Not necessarily - not all employer schemes were contracted out of SERPS/S2P. From 1988 it became increasingly common for employees to contract out using a personal pension (which only became possible in July 1988 when personal pensions came into being), known as an 'appropriate' personal pension for anyone who loves jargon.

NottinghamKnight

Brynsam said:

p00hsticks said:

'Contracting out' by itself wasn't usually a choice for the employee - the choice would be whether or not you wished to enroll in your employers pension scheme.  If you were enrolled in the scheme then you were contracted out of the Additonal State Pension (SERPS (State Earnings Related Pension Scheme) or later S2P (State Secondary Pension) ) 

Not necessarily - not all employer schemes were contracted out of SERPS/S2P. From 1988 it became increasingly common for employees to contract out using a personal pension (which only became possible in July 1988 when personal pensions came into being), known as an 'appropriate' personal pension for anyone who loves jargon.

The post you quoted seems to just focus on db schemes when employer dc schemes became common in the nineties, which may or may not have been contracted out.

GSP

Think this may be appropriate to add into the mix.
”

State pension: Public sector workers may get bumper payout thanks to new 'landmark' ruling.

https://www.express.co.uk/finance/personalfinance/1363401/state-pension-uk-court-ruling-contracted-out

Silvertabby

GSP said:

Think this may be appropriate to add into the mix.
”

State pension: Public sector workers may get bumper payout thanks to new 'landmark' ruling.

https://www.express.co.uk/finance/personalfinance/1363401/state-pension-uk-court-ruling-contracted-out

Calm down dear, this is The Express.  Being the tabloid who trumpetted that ALL pensioners would get the new single tier pension of £150 per week (as it was then).

This latest proclamation refers to those public sector workers who transferred their contracted out DB benefits into a personal pension before their GMP had been equalised.

This may or may not mean that the transfer payment was less than it should have been - but we are talking a few hundred £s for the vast majority, not the £Ks that the Express mentions.

The GMP equalisation programme for existing pensioners was bad enough.  This will be an absolute nightmare to administer, with the pension fund admin costs likely to be higher than the amounts still owed.

As for the reference in the article to chase this money, forget it.  This. Will. Take. YEARS.  

Brynsam

Silvertabby said:

GSP said:

Think this may be appropriate to add into the mix.
”

State pension: Public sector workers may get bumper payout thanks to new 'landmark' ruling.

https://www.express.co.uk/finance/personalfinance/1363401/state-pension-uk-court-ruling-contracted-out

Calm down dear, this is The Express.  Being the tabloid who trumpetted that ALL pensioners would get the new single tier pension of £150 per week (as it was then).

This latest proclamation refers to those public sector workers who transferred their contracted out DB benefits into a personal pension before their GMP had been equalised.

This may or may not mean that the transfer payment was less than it should have been - but we are talking a few hundred £s for the vast majority, not the £Ks that the Express mentions.

The GMP equalisation programme for existing pensioners was bad enough.  This will be an absolute nightmare to administer, with the pension fund admin costs likely to be higher than the amounts still owed.

As for the reference in the article to chase this money, forget it.  This. Will. Take. YEARS.  

...and where the transfer took place more than six years ago, it is unlikely that the scheme which paid the transfer will still have the necessary records, thanks to the advent of GDPR. If they don't have the details it will quite simply be impossible to work out whether any top up is due, so that's the end of that story in such cases.

Silvertabby

Brynsam said:

Silvertabby said:

GSP said:

Think this may be appropriate to add into the mix.
”

State pension: Public sector workers may get bumper payout thanks to new 'landmark' ruling.

https://www.express.co.uk/finance/personalfinance/1363401/state-pension-uk-court-ruling-contracted-out

Calm down dear, this is The Express.  Being the tabloid who trumpetted that ALL pensioners would get the new single tier pension of £150 per week (as it was then).

This latest proclamation refers to those public sector workers who transferred their contracted out DB benefits into a personal pension before their GMP had been equalised.

This may or may not mean that the transfer payment was less than it should have been - but we are talking a few hundred £s for the vast majority, not the £Ks that the Express mentions.

The GMP equalisation programme for existing pensioners was bad enough.  This will be an absolute nightmare to administer, with the pension fund admin costs likely to be higher than the amounts still owed.

As for the reference in the article to chase this money, forget it.  This. Will. Take. YEARS.  

...and where the transfer took place more than six years ago, it is unlikely that the scheme which paid the transfer will still have the necessary records, thanks to the advent of GDPR. If they don't have the details it will quite simply be impossible to work out whether any top up is due, so that's the end of that story in such cases.

The LGPS for one should still have computer records for transfers out within the last 20 years, and may - repeat may - have paper records for transfers out from 1990 until records were computerised.

What they won't have is the software needed to recalculate the transfer value.  This would have to be done manually,  hence the 'years and years' timescale.  Let's just say that I'm so glad I'm retired!

 Add:  And that's just the start of it.   Any monies due would have to be forwarded to the original receiving pension scheme - and if the pension had since been transferred to yet another pension scheme, they probably won't be willing/able to accept it.  Nightmare!

Brynsam

Silvertabby said:

Brynsam said:

Silvertabby said:

GSP said:

Think this may be appropriate to add into the mix.
”

State pension: Public sector workers may get bumper payout thanks to new 'landmark' ruling.

https://www.express.co.uk/finance/personalfinance/1363401/state-pension-uk-court-ruling-contracted-out

Calm down dear, this is The Express.  Being the tabloid who trumpetted that ALL pensioners would get the new single tier pension of £150 per week (as it was then).

This latest proclamation refers to those public sector workers who transferred their contracted out DB benefits into a personal pension before their GMP had been equalised.

This may or may not mean that the transfer payment was less than it should have been - but we are talking a few hundred £s for the vast majority, not the £Ks that the Express mentions.

The GMP equalisation programme for existing pensioners was bad enough.  This will be an absolute nightmare to administer, with the pension fund admin costs likely to be higher than the amounts still owed.

As for the reference in the article to chase this money, forget it.  This. Will. Take. YEARS.  

...and where the transfer took place more than six years ago, it is unlikely that the scheme which paid the transfer will still have the necessary records, thanks to the advent of GDPR. If they don't have the details it will quite simply be impossible to work out whether any top up is due, so that's the end of that story in such cases.

The LGPS for one should still have computer records for transfers out within the last 20 years, and may - repeat may - have paper records for transfers out from 1990 until records were computerised.

What they won't have is the software needed to recalculate the transfer value.  This would have to be done manually,  hence the 'years and years' timescale.  Let's just say that I'm so glad I'm retired!

 Add:  And that's just the start of it.   Any monies due would have to be forwarded to the original receiving pension scheme - and if the pension had since been transferred to yet another pension scheme, they probably won't be willing/able to accept it.  Nightmare!

Many SIPPs won't accept it without further advice, even though it could be a matter of a few pounds. Their problem is that it comes from a DB scheme and they have a blanket ban on such transfers unless backed by a positive recommendation to transfer. Lots of fun!

Marcon

Silvertabby said:

The LGPS for one should still have computer records for transfers out within the last 20 years, and may - repeat may - have paper records for transfers out from 1990 until records were computerised.

I predict a boom in the sales of shredders....