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Dshepard
Beginning Saver
Joined: 28 Feb 2005
Posts: 29
Cash Points ££ 381.46
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 Posted: Tue Mar 01, 2005 1:07 pm Post subject: Thinking of opting out of SERPs is it a good idea ? |
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I'm looking into starting a personal pension and was wondering about the benefits of contracting out of SERPS as apparently I would get a certain % paid into my pension pot form the government if I did so.
What I want to know is this a good idea or not ?
Thanks. |
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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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| Posted: Tue Mar 01, 2005 1:12 pm Post subject: |
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SERPS was replaced by SP2 in 2001, its basically the same thing but with some minor adjustments.
Anyway SP2 is your second state pension dependant upon contributions, now by opting out all of the money paid into SP2 todate and future monies will be transfered to your Private pension fund, for which you will need to fill in some forms.
As to whether it is a good idea, is another question, given the relative poor performance of the private pension funds of late.
Personally I would advice to stay contracted in. |
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Deborah
Veteran Investor
Joined: 12 Jul 2004
Posts: 418
Cash Points ££ 1730.36
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| Posted: Tue Mar 01, 2005 1:38 pm Post subject: |
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I'm going to disagree with Nadeem here.
I the problem I see is that the government like sot tinker with the pensions system, what are the odds that the SP2 won't even exist in 30 years time.. The money is not being put into a fund but rather will be drawn from future cash payers, I just don't see where the money is going to come from to cover the state pension, public pension and the SP2 |
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Neo
Saving Enthusiast
Joined: 24 Oct 2004
Posts: 147
Cash Points ££ 595.04
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| Posted: Tue Mar 01, 2005 1:40 pm Post subject: |
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Don't forget the £700 billion public sector pension workers black hole !
The sums don't add up, wheres the money going to come from ?
Still I am sticking with my SP2, as I think at some time they will change the system to apply to future contributors rather than existing |
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ladybug
Newbie
Joined: 04 Jun 2006
Posts: 12
Cash Points ££ 245.66
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| Posted: Fri Oct 20, 2006 6:42 am Post subject: |
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| How do you find out if your contracted in or out of Serps ? |
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cardjunkie
Professional Investor
Joined: 24 Jul 2004
Posts: 311
Cash Points ££ 2248.20
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| Posted: Wed Oct 25, 2006 2:37 am Post subject: |
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