I've found my Equitable Life policy - is it worth anything?

Panapete

I opted out of SERPS when i started a private pension in 1988 with Equitable Life. I lost all the details but recently found them so have the policy number etc.

I moved companies years ago, stopped contributions and totally forgot about the policy.

Many years later i started a stakeholder policy with Standard Life but moved companies again and stopped contributions which i've never started again. I still get a yearly report from Standard Life telling me what its worth.

I never opted back in to SERPS.

Now I've found the old Equitable LIfe policy what should i do - didn't they go bust years ago? Have i lost anything i paid in or is there some kind of compensation scheme (or am i too late now?)

For the last 4 years I've not paid into anything but am i losing out by opting out of SERPS 20 years ago.

As you can tell I'm totally clueless when it comes to this kind of thing!

EdInvestor

Panapete wrote: »

Now I've found the old Equitable LIfe policy what should i do - didn't they go bust years ago? Have i lost anything i paid in or is there some kind of compensation scheme (or am i too late now?)

They are still around.Contact them and get an update of the value of the pension.Let them know where you are so they can update you on events.

www.equitable.co.uk

bigturnip

My understanding of the way opting out works, means that the government hold your extra NI contributions until the end of the tax year and then pay it in a lump sum to your private pension if they have instruction to do so, if they don't they keep them and you are automatically opted back in for that year. So the four years where you haven't contributed to a pension you should be opted in for. Are you sure you aren't still opted out to Standard Life and they are adding your rebate to your pension each year?