Quote:
Originally Posted by Darcydog
Have a look at your company pension statement - you will see it is in two parts - the main scheme and the “Protected Rights” - the later is the bit accrued via you contracting out of SERPS.
At one time very different rules applied to Protected Rights whereas the Employer and the Scheme Trustees dictated the rules of the main scheme - although they did have to abide by HMRC/Inland Revenue rules overall. For example - initially you could not take Tax Free Cash from Protected Rights.
Now those rules are relaxed.
From 2016 all NIC have been increased and we ALL - even the self employed now get a MUCH improved basic state pension.
Those who earned a LOT and paid a lot of SERPS used to be eligible for enhanced benefits which could be substantial whereas the low paid and Self Employed just got the minimum.
Now it’s a level playing field - a long overdue improvement IMO.
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Useful thread.
I took my Electricity Pension at 50 as part of a generous voluntary scheme, post privatisation.
So now I need to pull all the paperwork again and read exactly what I might be entitled to.
I have just opened a can of worms, haven’t I, thought this would be fairly straightforward !