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  • FIRST POST
    • Susan_1972
    • By Susan_1972 16th May 19, 5:46 PM
    • 1Posts
    • 0Thanks
    Susan_1972
    DIHS Did I Have Serps company
    • #1
    • 16th May 19, 5:46 PM
    DIHS Did I Have Serps company 16th May 19 at 5:46 PM
    Dear Sir/Madam,

    I’m a little worried because a company called “Did I Have Serps” has contacted me about claiming for being out/in of Serps, and I’ve stupidly already given my full name(s) all address’ and my NI. I only stopped when she wanted me to e-sign a form she just texted and emailed me whilst on the phone ; I said no I’ll check it all out then sign, hence my calling out to you for help first.

    Please help!
    Every blessings, Susan
Page 1
    • molerat
    • By molerat 16th May 19, 6:29 PM
    • 20,637 Posts
    • 14,904 Thanks
    molerat
    • #2
    • 16th May 19, 6:29 PM
    • #2
    • 16th May 19, 6:29 PM
    Claiming what ? I believe less than 1% of SERPS related claims have been successful simply because there is no complaint and nothing to claim. Just another scam company looking to move your contracted out fund to something they manage. Hopefully nothing will happen, not a lot you can do now except be vigilant for anything untoward happening. In future please do not enter into any kind of dialogue with these scamming cold calling companies.
    Last edited by molerat; 16-05-2019 at 6:35 PM.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • dunstonh
    • By dunstonh 16th May 19, 8:04 PM
    • 98,260 Posts
    • 66,483 Thanks
    dunstonh
    • #3
    • 16th May 19, 8:04 PM
    • #3
    • 16th May 19, 8:04 PM
    I’m a little worried because a company called “Did I Have Serps” has contacted me about claiming for being out/in of Serps,
    There are still dodgy companies doing this?

    most CMCs gave up after the regulator found a minuscule potential 1% failure rate. The regulator also published a guide which effectively said that if you were under the age of 45 when you contracted out then its unlikely you were missold.

    The FOS reject virtually every single case of missold SERPs that they see. And it is the least complained about area of any financial classification and has the lowest complaint uphold rate.

    The only CMCs that I know doing it pass you data on to linked companies to sell you pension transfers which earn them around 5% of your pension pot. That is where they make their money.

    Following the 2015 state pension changes, those that contracted out using a personal pension are often big winners.
    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.
  • jamesd
    • #4
    • 16th May 19, 8:33 PM
    • #4
    • 16th May 19, 8:33 PM
    Don't sign, this approach means that you're dealing with an unethical company.

    SERPS is the earnings-related part of the old state pension system. The other part is the basic state pension, which adds a fixed amount for each year paying in or getting credits, like from child benefit. It's never been possible to contract out of the basic state pension part, just the earnings-related bit.

    There were two ways to contract out:

    1. most workplace defined benefit pensions contracted the employees out and took on responsibility for paying the earnings-related part themselves. Defined benefit usually means the final or average salary type. There's minimal chance that being in such a scheme was wrong. Better still, following the state pension changes in 2016 someone in this type could end up adding more state pension when someone not contracted out can't because they are already entitled to more than the new cap. This can result in those contracted out effectively being paid twice and further increases the very positive situation.

    2. into a personal pension. HMRC would pay a partial NI rebate into it each year. Under the old rules this typically was a good move. As with type 1, the 2016 pension changes mean that many will get both the maximum new state pension and the contracted out pot, while those who didn't just get the state part. That makes it an even better deal than it was originally.

    If you want to tell us more about your pension history and state pension forecast we should be able to tell you if there's anything worth doing to improve your position.
    Last edited by jamesd; 16-05-2019 at 9:41 PM.
    • AnotherJoe
    • By AnotherJoe 16th May 19, 8:39 PM
    • 14,222 Posts
    • 16,927 Thanks
    AnotherJoe
    • #5
    • 16th May 19, 8:39 PM
    • #5
    • 16th May 19, 8:39 PM
    Watch out for follow up scamming phone calls, having given that info away to a cold caller* you will now be down on a mugs list.

    * any cold call on your pension = scammer. How did they get your number ? Have you been putting your details down somewhere?
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Albermarle
    • By Albermarle 17th May 19, 2:32 PM
    • 714 Posts
    • 413 Thanks
    Albermarle
    • #6
    • 17th May 19, 2:32 PM
    • #6
    • 17th May 19, 2:32 PM
    As with type 1, the 2016 pension changes mean that many will get both the maximum new state pension and the contracted out pot, while those who didn't just get the state part.
    I think that someone earning enough to qualify for SERPS and who never contracted out , is still entitled to a state pension above the normal maximum . It is sometime since I tried to understand the rules as it was not very clear and the way of calculating it was complicated , but this is what I remember . I think it was a concession for people in this position and if you think about it would be otherwise unfair to those who never contracted out or for only a short period.
  • jamesd
    • #7
    • 18th May 19, 12:30 AM
    • #7
    • 18th May 19, 12:30 AM
    I think that someone earning enough to qualify for SERPS and who never contracted out , is still entitled to a state pension above the normal maximum
    Originally posted by Albermarle
    You're right but from 2016 such a person ceased to accrue any more state pension, while a contracted out person below the cap still does. The degree of double payment depends on the exact work history. It'll be greatest for someone who was always contracted out.
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