SERPS (state earnings related pension scheme )

petsco · Post by **petsco** » 26 Mar 2018, 19:48

Help , I contracted out of serps in 1988 and put the monies into a private pension. Can I transfer the monies accured, and put it in the RMPP?

Post by **RobertT** » 27 Mar 2018, 10:57

The simple answer to that is no you can’t transfer a private pension, however it was accrued, into the RMPP.

If you haven’t already, I suggest you get yourself a state pension forecast to find out how contracting out has affected your state pension entitlement. Info here.

Your late today · Post by **Your late today** » 27 Mar 2018, 14:03

I had a private pension which I transferred into the Royal Mail scheme, they used it to add years to my service it shows on pension statement as added years.

Post by **RobertT** » 27 Mar 2018, 14:16

I'll rephrase my answer:

You used to be able to transfer into the RMPP and I know one or two people who have done it.But the documentation from RM says that transfers in are not possible, so it was obviously changed somewhere along the way.

heapsy · Post by **heapsy** » 27 Mar 2018, 19:52

RobertT wrote:I'll rephrase my answer:

You used to be able to transfer into the RMPP and I know one or two people who have done it.But the documentation from RM says that transfers in are not possible, so it was obviously changed somewhere along the way.

You're right RobertT. The change took place when the final salary pension closed. I managed to get mine transferred with about 3 months to spare.

petsco · Post by **petsco** » 28 Mar 2018, 09:16

Thanks for all the advice

petsco · Post by **petsco** » 28 Mar 2018, 09:18

When did the final salary pension close ? 2012 ?

Your late today · Post by **Your late today** » 28 Mar 2018, 12:46

I transferred mine in late 1999.

Post by **RobertT** » 28 Mar 2018, 15:23

petsco wrote:When did the final salary pension close ? 2012 ?

The final salary scheme closed in 2008.