Final salary pension & SERPS

The_Economist

Hi all,

Not sure if this has been asked before, but trying to get an idea how back in the day when i was contracted out of SERPS by my company how does that affect my final salary pension & state pension.

Also i think it was 2016 that everyone was contracted back into SERPS so at retirement age do i need to claim for the years i have been contracted back in at state pension retirement age.

Many thanks…….

QrizB

In general, there's nothing to claim or do.

Whatever time you spent contracted-out was taken into account when your starting amount for the New State Pension was calculated in 2016.

Part (probably a tiny part) of your final salary pension will be Guaranteed Minimum Pension. You should see this as part of your most recent statement.

Marcon

Not sure if this has been asked before

It's been asked on a regular basis - you are not alone!

This is one of the more entertaining takes on it: https://henrytapper.com/2024/04/03/steve-webbs-cod-state-pension-contracting-out-deductions-are-a-little-fishy/

p00hsticks

you weren't contracted back into SERPS in 2016 - the new State Pension rules introduced then simplified things by getting rid of the whole idea of contracting in or contracting out, SERPS etc…