PPPension

chester1:
I opted out of serps into a private pension in 1990 with only their bit going in I just cashed it in this month £23000 16500 ish after tax and that will reduce as with that I will be on the 40% tax band for a month or two towards end of year. But still worth more to me now than about 500 a year at 65. The new pensions are a better deal with contributions from both which in about 6 0r 7 years has accrued about 50% what the other did in 31

I too, like most, contracted out of SERPs in 1990ish into a private pension. The understanding at the time was that your State Pension would be a reduced one with the contracted out one making up the difference, hopefully outperforming too. This is no longer true because as I am still working my NI contributions have built up to a full State Pension again. I tracked this build up on the Gov.uk website and have had it confirmed by them. I look at this private pension funded entirely by the government as free money. I have no plans to touch it until I need it and the entire sum is payable to my beneficiary should I croak it before drawing it.