Serps compensation

Serps compensation can be the hardest area to claim in the Financial World. We claim so many each week that we can almost produce successful Serps claims in our sleep.

The Ombudsman plays a big part in Serps compensation and Serps claims. If you have never dealt with them before then use us, we do NOT charge a fee to you in any way whatsoever..

To view our Serps claims website click the link below for MKFP

http://www.serpsreviews.co.uk/

We can help you through the Serps compensation world.

This week, we have been relatively quiet. Approximately 30 new clients have approached us for Serps claims. They want to maximise their Serps compensation and have asked us as there is no fee.

Mark Knight MKFP

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SERPS (the State Earnings Related Pension Scheme) was also known as the additional State Pension. It ran from 6 April 1978 to 5 April 2002 when it was reformed by the State Second Pension. A person who was in employment may have paid into SERPS.
SERPS is paid from State Pension age to the person who has contributed to the scheme.
There are also conditions that allow some or all of a person's SERPS entitlement to be inherited by their spouse husband, wife or civil partner when the SERPS contributor dies. Since 6 October 2002, the maximum amount of SERPS pension a person can inherit will now depend on the date that their late husband, wife or civil partner would have reached State Pension age.
A person may have joined a private pension scheme instead of SERPS.

This is called 'contracting-out'.

Any SERPS earned from April 1978 to April 1997 is reduced if a person was contracted-out during that period. This reduction is called the 'contracted-out deduction'.
From April 1997 to April 2002, a person who was contracted-out could earn no SERPS at all.

The State Second Pension provides a more generous additional State Pension for low and moderate earners. Access has also been extended to include certain carers and people with long term illness and disability whose working lives have been interrupted or shortened. The inherited SERPS rules do not apply to State Second Pension. The maximum amount of State Second Pension a person may pass on to a surviving husband, wife or civil partner is 50%.

The State Earnings Related Pension Scheme was also known as the additional State Pension. It ran from 6 April 1978 to 5 April 2002 when it was reformed by the State Second Pension.A person who was in employment may have paid into SERPS.SERPS is paid from State Pension age to the person who has contributed to the scheme.There are also conditions that allow some or all of a person's SERPS entitlement to be inherited by their spouse husband, wife or civil partner when the SERPS contributor dies. Since 6 October 2002, the maximum amount of SERPS pension a person can inherit will now depend on the date that their late husband, wife or civil partner would have reached State Pension age.A person may have joined a private pension scheme instead of SERPS.This is called 'contracting-out'.Any SERPS earned from April 1978 to April 1997 is reduced if a person was contracted-out during that period. This reduction is called the 'contracted-out deduction'.From April 1997 to April 2002, a person who was contracted-out could earn no SERPS at all.The State Second Pension provides a more generous additional State Pension for low and moderate earners. Access has also been extended to include certain carers and people with long term illness and disability whose working lives have been interrupted or shortened. The inherited SERPS rules do not apply to State Second Pension.The maximum amount of State Second Pension a person may pass on to a surviving husband, wife or civil partner is 50%.The State Earnings Related Pension Scheme was set up in the UK in 1978 to provide a second government-run pension for those without occupational or personal pension schemes.It is paid for through a taxpayer's National Insurance contributions.The pension amount is based on an individual's earnings and National Insurance contributions during their working life.The more you earn over your working life, the more Serps you get, to an upper limit.As a general guide, Serps will be, at most, 20% of the average earnings on which a person has paid National Insurance contributions over their working life.Safety netEssentially it makes sure that every working person has some form of pension, on top of the basic state pension.Since the 1980s taxpayers have been able to opt out of Serps at any time, if they take out a personal pension or join a company pension scheme.This has become increasingly popular as the pension available for those who take out company and many personal pensions will be higher than Serps for those who have plenty of earnings years left before retirement.However, it is not necessarily in a person's interest to opt out of Serps in all cases.In return for opting out of Serps, individuals pay a lower rate of National Insurance and do not pay tax on their pension contributions.Serps is due to be replaced in 2002 by the State Second Pension.Those who will qualify for the new scheme include those who have not been building up Serps contributions because of looking after children or disabled people or having a long-term disability or illness themselves.A few months ago I wrote about the possible problems related to contracting out of the State Earnings Related Pension Scheme (SERPS). A study was carried out into the effects on retirement income of contracting out of SERPS, or the State Second Pension (S2P) as it's now known, and the results were quite interesting. Essentially, due to high investment charges and the poor performance of many private funds, a large number of the 7.5 million people who chose to contract out of SERPS/S2P would have been better off staying put.The SERPS pension scheme was introduced in 1978 and was replaced by S2P in 2002. It's essentially an additional State pension scheme that employed people are entitled to, and in the same way as for the basic State pension we contribute to it through our National Insurance contributions. The amount we receive at retirement therefore depends on how much we've paid in over our working lives.However, in an attempt to increase private pension contributions and reduce reliance on the State, the Government has allowed those with personal pensions to "contract out" of the SERPS/S2P scheme since 1988. Although National Insurance contributions remain the same, anyone who chooses to contract out will have a rebate (with tax relief added) paid into their personal or stakeholder pension each year.Interestingly, contracting out is back in the news this week as, following an 18-month battle, one pensioner has won his case against Prudential (LSE: PRU) for mis-advising him to contract out of SERPS back in 1980, which he claims has resulted in his retirement income being around £200 less each year than if he'd remained in the Government scheme. Despite the fact Prudential initially dismissed the claim, arguing that the risks associated were fully explained at the time, the Financial Ombudsman ruled in the claimants favour, causing the insurance company to review the case. It has now agreed to pay back the shortfall, in full. What's more, the complaints-handling firm that took on this case believes that it is by no means unique and may "open the floodgates to millions of similar claims".Of course, in the cases where risks were not adequately explained and false claims made then the case for mis-selling is strong. However, those that did understand the risks involved would be well aware that investment can go down as well as up. Would they feel differently about having contracted out if their stock market returns over the last ten years or so had been good?The decision whether or not to contract out of (or contract back into) S2P is certainly not an easy one. Many pension products advisers hold the view that we should not contract out of S2P and that if you have already, you should consider contracting back in. You really need to think about your own attitude to risk. And if you intend to rely on the Government for the majority of your income when you retire you should definitely stay contracted in. If you're concerned, here's some Basic advice1. Contracted In/Out?If you're not sure, give HM Revenue and Customs a ring on 0845 9150 150 to ask (have your National Insurance number to hand). It's worth noting that if you contracted out of SERPS, your contracting out certificate is likely to have automatically been applied to S2P without further paperwork.2. Pension ForecastSend off for a State pension forecast from the Department for Work and Pensions to find out how much you can expect.3. Have you lost out?Give your pension provider a call and ask for a personalised statement. This will compare your projected income from your contracted out personal pension to how much you would have received from staying contracted in. It's worth noting that those who contracted out and are members of a final salary schemes will not lose out as their employers have to ensure that their pension will be at least as good as if they had remained contracted in.Remember, too that if your retirement is a long way off you will see many Governments come and go, and many policy changes and broken pension promises. Also, remember to consider your retirement plans - if you intend to emigrate to a non-EU country you may find your State pension will remain frozen from year to year anyway, so contracting out and paying a bit more into your personal pension may be a better option for you.http://www.serpsclaims.blogspot.com/
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