Serps Pensions

by Pension Forecast

Michael asks…

What does SERPS mean in regard to pensions?

Pension Forecast answers:

It is an old pension scheme, which has been replaced by the State Second Pension.

Maria asks…

Pensions: What does SERPS mean?

Pension Forecast answers:

Yep, they’re correct!
If you want more info on what it’s all about follow this link:
http://en.wikipedia.org/wiki/State_Earnings-Related_Pension_Scheme

Donna asks…

Pension Q: I contracted out of SERPS about 15 years ago – should I contract back in again?

Know nothing about pensions and read something on the internet about contracting back in a while ago. Starting to panic! Who would I contact to contract back in again anyway?

Pension Forecast answers:

Probably a safe idea to consult an IFA on this one. Pensions have been a minefield, what with all the mis-selling in the late 80s – we’ve all heard of the Pension Review… To top it all off, SERPs has been replaced by S2P (state 2nd pension) and with Pensions Simplification coming into effect from 6 April 2006, your retirement age may have changed. The type of pension you have also affects whether contracting in or out is best for you, whether you contribute by FSAVC or AVC, whether it’s contributory, occupational or personal. My point is there’s no hard and fast rule for everyone, so please see a professional!

Charles asks…

Will the pension shakeup announced today mean that new pensioners will not receive their “serps”?

Millions of people have paid into the serps, or state second pension schemes. Is this money now lost under new rules outlined today?
I have paid into the state second pension, serps and graduated pension schemes, but do not retire for a few more years. I believe the new plans mean that the money I have paid in will be lost.
I had a pension forecast some time ago that stated I would receive the basic state pension, plus almost the same amount again for the state second pension. Under the new rules I would get only £140.
I had a pension forecast some time ago that stated I would receive the basic state pension, plus almost the same amount again for the state second pension. Under the new rules I would get only £140.

Pension Forecast answers:

Have you ever known any of our governments to come out with the full truth about anything they do? They always claim we are going to be better off and give us the figures to prove it. They just don’t give us the real figures in total as it would prove they are liars and taking money not giving it. Ah! Unless you earn more than 750,000 quid a year and contribute to one of the parties running the government of the day. They use the same principle they use when they lie to us and make promises to buy our votes at elections but none of the good stuff actually happens unless it is for them and their cronies who fund their parties.

Nancy asks…

Do labour really think i’ll vote for them. My 2010 basic pension has been increased not serps!?

Pension Forecast answers:

I don’t think many people will vote for them except diehard supporters. I am struggling to think who I will vote for. Labour is a mess. Tories will give tax breaks to a selective few who follow their values (i.e. Married – So I will miss out despite being with my girlfriend for nine years with family). Lib Dems just seem to jump on the bandwagon when an issue crops up. I will probably look into an independant.

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