Where has my serps gone?

Will_Hay

I opted out of serps back in 1987, aged 16 and subsequently received intermittent statements from scottish equitable (it was called a reflex pension).
I moved jobs in 1990 and again in 1995, at which time I joined my employers stakeholder scheme (ironically with scottish equittable although this changed to norwich union in circa. 1993) until I left the company in Jan of this year.
I now work for a company with a stakeholder pension on offer but no employer contributions.
This job will be short term for me so I don't plan to join.
My question is...
...what has happened to my N.I. payments/contributions which went to the reflex pension during the time I joined my employers pension in 1995 and of late (Jan 2005 to date) when I didn't have a pension at all.
Did they freeze as a standalone pension and if so, will they now resume as I don't have a pension?
I'll be in this current job for a year to eighteen months and rather than take out a short-term pension I'll wait until my next job (which I assume will have more generous pension arrangements) and just pay more into my mortgage.
Many thanks,
Will

EdInvestor

Hi Will

Will_Hay wrote:

...what has happened to my N.I. payments/contributions which went to the reflex pension during the time I joined my employers pension in 1995 and of late (Jan 2005 to date) when I didn't have a pension at all.

I think you'll possibly find they have been going into the Scot Eq pension all along if you didn't redirect them.

May I suggest that you contct Scot Eq and check out this pension?Being an old one, it probably has high charges.You may want to ask Scot Eq if they will switch it to stakeholder charges.You also should find out how it has performed and what fund(s) it has been invested in.

Come back when you've found out more info about it and we can see whether you should consider moving it to another provider.

CIS

unless you cashed in the pensions when you left the employer (less than membership ?), the NI paid would have been directed to whichever pension scheme you were in at the time and the value retained in that scheme, to be revalued each year.

dunstonh

It would continue to be directed to the original scheme unless you filled out a national insurance CA form (CA1543 from memory i think ceases contracting out).

The personal contributions to alternative schemes would have no impact unless they made an attempt to contract you out as well.

Your dates dont quite tie up as you couldnt get a stakeholder in 1995. It would be fair to assume it was a personal pension then. A personal pension is not a bad thing. It can be higher or lower charges than a stakeholder. In addition, it can allow funds which are generally considered to be better value, albeit a little more expensive. If you arent using those funds and are paying more in charges then it may be worth investigating a pension transfer.