Many people in the United Kingdom could potentially be sitting on large sums of money that they are unaware of due to the SERPs pension scheme. Below we answer some frequently asked questions on SERPs schemes. If you think you contracted out of SERPs and would like a FREE no obligation review simply fill in the form on the right or call us on 08000 271300.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
The State Earnings Related Pension (SERPS) was the name of the government’s secondary pension system until mid-2002. Anyone who was bringing in more than £75 a week and hadn’t “contracted out” would happen to be building up an additional pension under SERPS. It’s currently known as the State Second Pension. Yet, individuals who made contributions before April 2002 will receive an additional pension based on SERPS for the force able future.
SERPS were replaced by the government because it needed to give those who have long term illnesses and particular disabled people the opportunity to reap the benefits of a pension scheme. The brand new scheme also fits in with all the government’s political agenda, as it raises support for individuals on low to medium wage bracket. Those who qualify under the new rules are as a result substantially better off under this particular system.
In the event you earned enough money and paid workers’ National Insurance Contributions, you were a part of SERPS. This is known as “contracting in”. SERPS was related to gains; therefore the sum individuals will get at state pension age will change. In the event you contracted out of SERPS using a stakeholder pension plan or your own pension plan, the Government paid part of your National Insurance contributions to the plan annually in the kind of a rebate.
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Book your FREE initial no obligation review, whenever and however is easiest for you, by filling in our simple enquiry form here. Or you can call us on our free phone 03300 538 618 .
Don’t worry we won’t charge you for the review service, you receive our detailed analysis and advice FREE of charge. However if you do decide to follow the advice suggested by our adviser a charge will be incurred.
If we advise that you alter things we are going to describe why and let you know what the price of the guidance could be as well as describing the possible consequences, and emphasize the points you should consider prior to accepting changes.
If changes are recommended by us and you also take that guidance our standard service comprises on-going yearly performance reviews, fund balancing and transfers to make sure your funds develop in line with your personal approach to investment risk. Fund valuations are usually accessible online 24/7.