Opted out of SERPS

[OnthePisteAgain]

As the title says, I opted out of SERPS for a number of years in the late 80's and then opted back in when advised to. I have checked my unit linked pension plan that the payments were made to and I have around 40k in which surprised me. I can withdraw anytime I want or transfer to another pension. The pension payments once I retire though are a pittance.

I checked on the Govt website to see what my state pension forecast would be and I am a bit confused. It implies that I will get the full amount of state pension, I assumed it would be a lower amount due to the opt out. Does anyone understand this and have an explanation?

Below the forecast is a line of two about opting out, mine will be reduced by £6.64 per week for instance assuming I also get to 35 contributions. Dp was opted out for longer but also has paid in 43 years and counting so his opted out years are counteracted

It says underneath the amount that I opted out but no mention of any reduction. I have contributions or credits for 43 years also!

SERPS relates to the old 2nd or additional state pension. It is this that you were opted out of. You will still get the full new state pension as long as you have the qualifying years of contributions. The amount that you would have got in additional state pension should be more than covered with pension plan you were paying into.

Aaah thanks so much @rainbowunicorn that makes sense!

Unless you didn't start working and paying NI until after 2016 the 35 years is meaningless. For people who have paid NI before then the number of qualifying years can vary from the high 20s to more than 40 depending on individual circumstances. You won't have £6.60 taken off the New State Pension amount which is currently £221 a week. You will still get that in full. What they are saying is the £6.60 is what would be expected to come from your private pension instead if the old additional state pension which no longer exists.