serps/superanuation/private /help im lost

joe1888

ok where do i start
im a 40 year old male that had a private pension 20 years ago and also opted out of serps
after 5 years i joined a council job and canceled my private pension and joined the council superanuated pension but my serps is still conracted out
i know of the new changes to my council pension 2008 full changes come into force
but what do i do with my seps and the 5 years i paid into private pension
hope i make scense

EdInvestor

Hi joe

Which company did you have the private pension with? Best thing to do would be to contact them and ask for a current valuation and also a " transfer value" which will tell you how much it is currently worth if you want to move it.Also ask what fund the money is invested in.

I assume that you were contracted out into the council pension later and thus the earlier personal pension will have only 5 years of SERPs money (plus whatever additional contributions you put in)?

dunstonh

If you are in a council occupational pension scheme, you will not be contracted out into the personal pension. That would have ceased when you joined the occ scheme.

Your options are
1 - to leave it where it is
2 - to investigate transferring the benefits into the occ scheme to buy added years.
3 - to investigate modern pensions to see if the terms are better than what you have.

The things Editor suggests you get are useful if you know what it means and will be required if you look at your options.