serps reinstating

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serps reinstating

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Reconsider the scrapping of the serps scheme from 2016. Anyone who contracted out is around 50-100k better off than those who supported the government and stayed in. You want to start paying everyone a flat rate from 2016 of £144. So example is this. Bob has contracted out of serps for the past 15 years and has a private pension pot worth around £80,000, so that gives him a lump sum of £20,000 (25% can take as a lump sum) and then a pension of around £3000 per year = £57 per week + he will get the £144 per week so basically he is around £80,000 better off as a result, and if you have contracted out longer this figure will be higher. The rest of us who have not contracted out of serps will now only get the £144 only and no second pension, when under the old system we would have got more as we have paid more into the system. So instead of rewarding us for being loyal, this government is penalising us and being discriminative towards those who paid into the system.

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