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Contracting out & company pension
newsaver456
Posts: 6 Forumite
Back in the 80's I was advised by someone from the Prudential to contract out of SERPS and into the Prudential.
I have been employed by Safeway/Morrisons since 1992... I joined the Safeway pension plan in 1993.
Although I get a statement from the Prudential every year, there are no contributions paid into it, and as far as I now, my contracted out payments are paid into my Safeway/Morrisons pension.
I just got a letter from the Prudential with an Inland Revenue CA1543 form advising me to contract back in to State Second Pension.
My question is...is it possible to contract back in to the State Second Pension while I am paying into my company pension, and if possible, would it be advisable...?
Any advice appreciated
I have been employed by Safeway/Morrisons since 1992... I joined the Safeway pension plan in 1993.
Although I get a statement from the Prudential every year, there are no contributions paid into it, and as far as I now, my contracted out payments are paid into my Safeway/Morrisons pension.
I just got a letter from the Prudential with an Inland Revenue CA1543 form advising me to contract back in to State Second Pension.
My question is...is it possible to contract back in to the State Second Pension while I am paying into my company pension, and if possible, would it be advisable...?
Any advice appreciated
0
Comments
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Hi. No you can't as the scheme is Contracted Out you have no choice.I have worked for 5 years as a Pension Administrator and then a further year in a non-administrator pension role. I am not (and never have been) an adviser. Do not take anything I say as advice, it is information given on the best of my knowledge.0
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Pru have you contracted out on paper only. So you may as well contract back in just to stop future letters.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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