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I have contracted out of UK SERPS 15 years ago and have had goverment contributi

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Post time 2014-2-8 23:32:32 | Show all posts |Read mode
Any ideas?

Andy and Karen
I don't know all the answers to your questions but would point out that your SERPS pension is additional to your state pension and as you have contracted out it is now a personal pension.I have contracted out of UK SERPS, 15 years ago, and have had goverment contributions added to my pension, i. All the other life companies in Britain seem as bad. Therefore when we migrate to Austrailia I beleive I will cease to get these additions because I will not longer be paying NI. the money they would pay me at retirement.

Any ideas?

Andy and Karen

This is a burning question for me too.

Is it possible to take a pension with you and contract out of Australian SERPS, assuming that the pension company are worldwide?

Or will I have to take an indefinate contributions holiday on my existing pension. Then start a new pension in Australia. If you cease to pay any NI it just means that you will not have any payment made that year.

ShellyOriginally posted by karen and andy
I have contracted out of UK SERPS, 15 years ago, and have had goverment contributions added to my pension, i.

As far as I am aware it works on the basis that one payment a year is made into the pension based on the NI contributions made in tax year. Then start a new pension in Australia.

We both have contracted out pensions aswell as our own private ones.

Is it possible to take a pension with you and contract out of Australian SERPS, assuming that the pension company are worldwide?

Or will I have to take an indefinate contributions holiday on my existing pension. the money they would pay me at retirement.e.

hope this helps a little

Steph
Hiya,

We wondered about this too - we filled in a financial questionnaire from Alan Collett and they came back with a quote based on our requirements.

Ask them to send you their financial questionnaire, if your not happy with the quote they provide you don't have to use them. Therefore when we migrate to Austrailia I beleive I will cease to get these additions because I will not longer be paying NI.

Hope this helps.

I am one of the ones with an (un)Equitable Life, Henry, and I've made the decision to bale out, but to where.e.
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