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FT Guide to Pensions and Wealth in Retirement, 2nd Edition by Mr. John Greenwood

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12

Contracting out of the state pension system

What topics are covered in this chapter?

Contracting out of the state second pension, formerly SERPS, into a personal or occupational pension was a way of building up an independent pension of your own. The question whether you should contract in or out will become redundant by April 2012 when contracting out for defined contribution schemes is being abolished. It will make little difference to your retirement whether you contract in or out for a single year. But you may wish to understand whether contracting in or out has been a good idea ...

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