ANNOUNCEMENT : ROYAL MAIL EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (UPDATED 2017)... HERE


SERPS

06 Nov 2017, 15:15

I have received a letter from a company saying I contracted out of SERPS and have built up some contrabutions.

I am now wondering how I go about getting these back,can I put them into RM Pension or what is best option?

Any help would be most grateful before I contact this company as I am sure I may lose some money if I use them to sort it out thanks in advance.


SERPS

06 Nov 2017, 15:42

It sounds as if you have a DC pension pot from a previous employer, which was contracted out of the state second pension, also known as SERPS or S2P.

You may be able to transfer it into the RM Defined Contribution Plan if you’re a member(joined after 1st April 2008), or into another personal pension. Equally it may be beneficial to keep it where it is, but without knowing any specifics, it’s impossible to say.

You probably don’t need another company to transfer this money for you, as you should be able to do it yourself at no cost.

Bear in mind that you will not be able to access the money if you’re under 55. And that although a nice ‘extra’ pot of cash may seem like a bonus, it may well mean your state pension entitlement will be lower because you were contracted out. But that will always depend on your own circumstances.

SERPS

06 Nov 2017, 17:14

Thanks Robert, joined RM in 1987 so any other employment was very brief and not paid into any other pension scheme.
Was trying to find out on Gov website or speak with someone but this is proving to be nigh on impossible.
This company say I contracted out of SERPS but not when however they say I have built up some contributions?
I don't want to just forget about this in case my state pension is under funded if you see where I am coming from.
Would seem I contracted out in 1987 until April 2016/17, so I may have a shortfall in my state pension according to Tax office.
If I have paid 32yrs and minimum is 35yrs I still have at least 10yrs employment so will my state pension be affected? Cheers
Last edited by Captain Scarlet on 06 Nov 2017, 17:23, edited 1 time in total.

SERPS

06 Nov 2017, 17:19

It could just be a con?

SERPS

06 Nov 2017, 17:26

clashcityrocker wrote:It could just be a con?


Exactly what Tax office are saying as they have had a few calls about this company called Profile Pensions but I am still concerned that I opted out under some poor advice and don't want to find out in 10/15 years my state pension is lower than it should be. :sad:

SERPS

06 Nov 2017, 18:22

Now you’ve given a bit more detail it does sound like some kind of scam.

But if you do have another pension from another job you may be able to trace it here: https://www.gov.uk/find-pension-contact-details

And you can check your state pension entitlement here: https://www.gov.uk/check-state-pension

SERPS

10 Nov 2017, 18:41

Thanks Robert, exactly what I have done :Very Happy

SERPS

13 Nov 2017, 14:19

You can get a state pension statement & check your National Insurance contributions record at the GOV.UK site.
Last edited by rogersh on 13 Nov 2017, 20:52, edited 3 times in total.

SERPS

13 Nov 2017, 14:22

Would seem I contracted out in 1987 until April 2016/17, so I may have a shortfall in my state pension according to Tax office.


You would not have a shortfall in your BASIC state pension. The "contracted out" would be from paying either or both Serps/second state pension. Instead you have opted in to a company scheme taking advantage of paying less NIC's.

SERPS

13 Nov 2017, 20:49

Captain Scarlet wrote:
clashcityrocker wrote:It could just be a con?


Exactly what Tax office are saying as they have had a few calls about this company called Profile Pensions but I am still concerned that I opted out under some poor advice and don't want to find out in 10/15 years my state pension is lower than it should be. :sad:


I've had two letters from this company in the last 6 months.

They both went in the bin.

Previous page Next page


Page 1 of 1