How much have I paid into SERPs?

Jewels25

I never contracted out of SERPS and my NI contributions are fully paid to recieve the full state pension.  I'm now curious to see how much I have paid into SERPs and the return achieved.  Can anyone advise as to how to find this out? (I have recently done a pension projection and can see that I will a modest uplift on my basic state pension, but it doesn't seem like alot!)  

dunstonh

 (I have recently done a pension projection and can see that I will a modest uplift on my basic state pension, but it doesn't seem like alot!) 

Effectively, anything over the new state pension maximum is from SERPS,S2P or Graduated.

Maybe you had a period when you were only qualifying for the basic state pension previously?   e.g. self employed (who could not contract out but only qualified for basic).

Jewels25

Thanks.  I wonder if the HMRC can tell me what went into SERPS?

michaels

Odds are any money paid into SERPS/S2P will have been 'confiscated' when the new state pension was introduced - that is what happened for me.

xylophone

https://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

https://en.wikipedia.org/wiki/State_Second_Pension

Contracting out ended for DC Schemes in 2012 and for DB Schemes in 2016.

S2P ended in 2016.

You say that you were never contracted out.

On 6/4/16, your starting amount for NSP was calculated.

It was the HIGHER of 

Old Rules

{NI qualifying (full) years (max 30)/30 x Full Basic State Pension of £119.30) +  Additional State Pension.



New Rules

NI QY (max 35)/35 x Full NSP of £155.65 


Individuals were in one of three positions

(a) Starting amount less than full NSP.

(b Starting amount equal to full NSP.

(c) Starting amount greater than full NSP.


It seems from what you have said that your state pension forecast shows that your SP is higher than a full NSP.

This indicates that at 6/4/16, your starting amount was higher than a full NSP so you were in position (c)


Persons in position (b) or (c) would still be required to pay NI up to SPA if working and  earning the relevant amount.

However, this would not improve their "starting amounts".


In the case of (b), the  full NSP would be indexed up to and beyond SPA under the 'triple lock".*


In the case of (c), that part of the "starting amount" that was equal to a full NSP would be indexed under the triple lock* and the

balance,  the "protected payment") by CPI.

* double lock 22/23

If you check your forecast, presumably it still shows estimate at 5/4/23.

When updated to 5/4/24, increase as above should show.

Marcon

Jewels25 said:

Thanks.  I wonder if the HMRC can tell me what went into SERPS?

Even if they could, what useful purpose would it serve? You say you want to know the 'return' but that would mean a massively detailed, year by year calculation (on your part!).