Serps pension

lipstickdundee

Just found out husband has a serps pension. Will this be his pension or does he get state pension aswell ?

sammyjammy

Its all part of the same state pension serps just makes up a part of it

xylophone

Just found out husband has a serps pension.

SERPS - State Earnings Related Pension.

This was additional state pension accrued between 1978 and 2002 by persons who were "contracted in" through their employment.

After 2002, the additional state pension was known as State Second Pension (S2P).

Employers and employees paid a higher rate of National Insurance on earnings and thereby built up an amount that would be paid in addition to the Basic State Pension at State Pension Age.

Those who reached SPA before 6/4/16 would see the amount of additional state pension detailed on their annual statement of state pension.

It was possible to "contract out" of SERPS either through an occupational pension scheme  (CO Salary Related Scheme/ CO Money Purchase Scheme) or  (from 1988) through a personal pension. 

Contracting out into a personal pension/COMPS ended in 2012; contracting out into a COSR ended in 2016.

If a person contracted out into a personal pension, HMRC paid an annual rebate of contributions into that pension.

When you mention your husband's "SERPS" pension, are you referring to the additional state pension accrued from contracting in (which will be paid as part of the new state pension at SPA). 

OR are you referring to a personal pension into which NI contributions were rebated and which he has just remembered?

If a personal pension, he will be able to access it from (currently) age 55.

Notepad_Phil

I suspect your husband has contracted out of SERPS.

If that is the case then he will have a pension somewhere which will contain the contributions rebated - hopefully he has details of it, e.g. who the pension provider is, if not then he will need to start tracking it down. This pension will be additional to his state pension.

dunstonh

Just found out husband has a serps pension. Will this be his pension or does he get state pension aswell ?

I think some answers are based on the confusion of your question.

When you say SERPS, do you mean part of his state pension is made up of SERPS or part of his personal pensions are made up from contracting out of SERPs?

I suspect the latter is what you mean.  He will get that pension as well as what he is entitled to under the state pension.