SERPS - opting in/out
I took advantage of the Government's incentive payments to opt out of SERPS in about 1992. I chose to have my incentive payment and rebate on NIC paid into a pension scheme (with profits!) run by Standard Life.
I recently asked for a pension forecast and was puzzled by the details. I'm old enough to have paid Graduated Pension payments, and these were detailed in the forecast. However, the forecast showed a zero entitlement for SERPS.
I believe SERPS replaced the Graduated Pension Scheme in the late 70's (1977?), and I was already paying into a final salary scheme with my employer at that time. I joined two further schemes with two subsequent employers, before opting out in 1992.
So for the period from 1977? to 1992, unless the schemes that I joined had already opted out, I would have been opted in to the SERPS scheme. The scheme that I joined from 1987 to 1992 clearly was opted out.
So should I be entitled to any SERPS payment at all? If the schemes I belonged to from 1977 to 1987 were opted out, what benefit did I receive?
If on the other hand these schemes were not opted out, should I be entitled to a SERPS payment for this period also? Or does opting out of SERPS at any time mean that you forfeit your SERPS entitlement completely? If this is the case, this certainly was not explained to me when I opted out. So would I be entitled to claim under the new proposals which provide for compensation if the individual has been wrongly advised to opt out of SERPS?
Your advice would be greatly appreciated.
- Purchase of shares and goodwill 29 1
- How can I tell what returns are outstanding on HMRC online? 216 3
- Practice management - that old chestnut....... 1,214 19
- Suppliers for Online Card Payments? 345 6
- Go Cardless 371 10
- Self assessment tax arrears 307 3
- Mehjoo 323 2
- Tax Return Member LLP 111 1
- How to prove income for a mortgage if you have no SA302s 372 5
- Amazon Fees, Sage VAT/Tax code T20? 188 4
- SA302 331 7
- US Employment Income - Double Tax Treaty 289 13
- Bringing money to Uk 286 4
- Capital Allowances on Furnished Holiday Lets Business 214 4
- Hmrc software 249 3
- What expenses can be claimed after a move to Cornwall? 174 1
- Hosted email exchange 188 5
- South African Government Pension 184 1
- Can anybody help withe the RTI end of year process? 379 4
- VAT Bad Debt Relief 325 13
- Xtuple 515
- Qtac payroll for bureau 355
- Confused - Professional Association a Mutual trader, or not? 298
- Industrial & Provident Societies 292
- Data transfer from Sage Line 50 to VT Transaction+ 233
- VAT Payable on Expenses for Non-VAT Registered Ltd Co 207
- Why would HMRC offer to close an investigation by contract settlement 204
- Domain name sale and limited company 178
- CIS schemes 175
- Director legal fees in loose connection to the company 151