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SERPS. What's that all about then?

(8 Posts)
Heatherjayne1972 Sat 14-Jan-17 10:56:13

Years ago I was put in this scheme by a local bank. All I know is that it's related to pensions somehow
Never really understood what it was or was for but have found very old paperwork about it
Is it important ? Do I need to do anything or contact someone?
Do I need to come out of this
I really have no clue at all
Anyone?

dontcallmethatyoucunt Thu 19-Jan-17 19:26:03

SERPS no longer exists as such, but once upon a time you could opt out. If you did so, you have now been put back in. Your post isn't clear though what you've found. Funds, info??

BonnesVacances Thu 19-Jan-17 19:35:06

SERPS used to be the State Earnings Related Pension Scheme. Basically the top up part of the state pension that was based on how much you had paid in NI contributions. Also known as the State 2nd Pension (S2P).

You are automatically in SERPS so you wont have been "put in it". It sounds like you came out of it. Doing this meant you paid lower NI contributions but didn't build up any top up pension from the state.

But like PP said, SERPS/ S2P no longer exists as there is a single state pension now.

Heatherjayne1972 Thu 19-Jan-17 19:45:55

So where is the money then?

BonnesVacances Thu 19-Jan-17 19:54:11

What does your paperwork actually say? I think it's telling you that you have opted out of SERPS. Is there a company name/ policy number?

ChessieFL Tue 24-Jan-17 19:27:26

If you opted out of SERPS, the Government would have paid a rebate into a personal pension arrangement for you. It sounds like that's what you have found. If you google the pension company (from the paperwork you have found) it will tell you if it still exists and if not which company now owns it. You can then contact them for more information about your policy.

Heatherjayne1972 Tue 24-Jan-17 19:58:44

No no policy number just old paper work saying I opted out of serps
Think it must be from the bank

BonnesVacances Tue 24-Jan-17 20:47:08

Not necessarily Cheesie. If you opt out through a company pension scheme (not saying this what it is though) there's no rebate, you just pay lower NI conts. But that still means there's likely to be something somewhere.

Well, if you have any pensions anywhere, they'll contact you at 65(ish)anyway. If they don't have an address for you, they'll be able trace you.

Or if you want to know before then, you can track down your pensions via here if you can remember who you worked for and approx. when.

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