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  • FIRST POST
    • madlyn
    • By madlyn 17th May 18, 3:33 PM
    • 609Posts
    • 100Thanks
    madlyn
    SERP's
    • #1
    • 17th May 18, 3:33 PM
    SERP's 17th May 18 at 3:33 PM
    I am asking this on behalf of my O/H.
    How can He find out if He has opted in out of SERP's?
Page 1
    • xylophone
    • By xylophone 17th May 18, 4:12 PM
    • 25,738 Posts
    • 15,211 Thanks
    xylophone
    • #2
    • 17th May 18, 4:12 PM
    • #2
    • 17th May 18, 4:12 PM
    He has not yet reached SPA?

    If not, has be obtained a State Pension Forecast?

    https://www.gov.uk/check-state-pension

    Is a COPE shown?

    https://www.gov.uk/government/publications/state-pension-fact-sheets/contracting-out-and-why-we-may-have-included-a-contracted-out-pension-equivalent-cope-amount-when-you-used-the-online-service
    • Dox
    • By Dox 17th May 18, 4:18 PM
    • 734 Posts
    • 502 Thanks
    Dox
    • #3
    • 17th May 18, 4:18 PM
    • #3
    • 17th May 18, 4:18 PM
    Above post is very helpful but not an invariably definitive answer unless you know his history of pension scheme membership (if any).

    Has your husband had any statements from pension companies over the years...? Have you moved house and possibly correspondence has gone astray?
    • dunstonh
    • By dunstonh 17th May 18, 5:14 PM
    • 93,355 Posts
    • 60,858 Thanks
    dunstonh
    • #4
    • 17th May 18, 5:14 PM
    • #4
    • 17th May 18, 5:14 PM
    How can He find out if He has opted in out of SERP's?
    its not opt out. it is contract out. Opt out means something different (although it is a common error). You havent been able to contract out of SERPS since 2002 as it was abolished back then and replaced with the State Second Pension which itself ended in 2012 for money purchase pensions.

    Contracting out is actually a term that covers two very different methods. Both contracted you out of Serps/S2P but what actually happened by contracting out was very different. One method resulted in lower NI being paid and the employer pension effectively making up the difference. The other method resulted in pension fund building up. (highly simplified to keep it short).

    It would help if we knew the context of your question. i.e. what is he looking to find out?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Silvertabby
    • By Silvertabby 17th May 18, 5:56 PM
    • 2,992 Posts
    • 4,260 Thanks
    Silvertabby
    • #5
    • 17th May 18, 5:56 PM
    • #5
    • 17th May 18, 5:56 PM
    As dunstonh says, not enough information for us to go on.

    In the meantime:

    If he is/has been a member of a public sector pension scheme, then he was contracted out until he left/2016.

    If he has been a member of a private sector final salary pension scheme then he is likely to have been contracted out.
    • madlyn
    • By madlyn 17th May 18, 7:58 PM
    • 609 Posts
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    madlyn
    • #6
    • 17th May 18, 7:58 PM
    • #6
    • 17th May 18, 7:58 PM
    OMG, ever wish you had never asked a question!!!
    My O/H is 52, he is not in a public sector pension scheme and he has 1 private pension but I am unsure if it is a final salary one.
    He wants to know if he has contracted out of SERP's because 1- he cannot remember and 2 he thinks if he has he is going to be worse of when he draws his state pension.
    • dunstonh
    • By dunstonh 17th May 18, 8:15 PM
    • 93,355 Posts
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    dunstonh
    • #7
    • 17th May 18, 8:15 PM
    • #7
    • 17th May 18, 8:15 PM
    If he gets a state pension forecast (which everyone should be doing in their 50s) it will tell him how on track he is for the full state pension (it will show current entitlement and projected entitlement).

    On the online forecast it will also indicate if there are any contracted out years.

    https://www.gov.uk/check-state-pension

    Most people who contracted out with a personal pension scheme are going to be much better off than it they had not contracted out. Those that contracted out with a final salary scheme paid lower NI and the scheme had to make up the difference.

    Best thing to do is get real figures on his circumstances. Go to that link and get yours and his forecasts.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • DairyQueen
    • By DairyQueen 17th May 18, 8:24 PM
    • 323 Posts
    • 488 Thanks
    DairyQueen
    • #8
    • 17th May 18, 8:24 PM
    • #8
    • 17th May 18, 8:24 PM
    Did you read xylophone's reply? If so, then this is one way to discover if he may have been contracted out. The alternative is for him/you to invest some of his/your time researching the detail of his pension scheme. Do you have any paperwork?

    The people here are informed about pensions but they are not psychic.

    Also, the chances are highly unlikely that he is not 'going to be worse off when he draws his state pension'. The reasons why cannot be explained in a sound bite.
    • Brynsam
    • By Brynsam 17th May 18, 8:45 PM
    • 1,268 Posts
    • 869 Thanks
    Brynsam
    • #9
    • 17th May 18, 8:45 PM
    • #9
    • 17th May 18, 8:45 PM
    OMG, ever wish you had never asked a question!!!
    Originally posted by madlyn
    Why? People here are asking for more info to try and help. Isn't that what you wanted?
    • madlyn
    • By madlyn 18th May 18, 7:57 AM
    • 609 Posts
    • 100 Thanks
    madlyn
    Over the weekend I will get a forecast done for the both of us and take it from there.
    • GibbsRule No3
    • By GibbsRule No3 18th May 18, 12:24 PM
    • 665 Posts
    • 382 Thanks
    GibbsRule No3
    Madlyn,
    If he is only 52, even if he was contracted out, so long as he is still working, being contracted out won't now affect his SP. Even I, at almost 64, who was contracted out, but am still having to work due to SP age increase, is gaining on the contracted out part, I miss the entire benefit to SP by one month, reaching SP in March 2020.
    Paddle No 21
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