12
Contracting out of the state pension system
What topics are covered in this chapter?
- How contracting out has worked
- From creation to abolition
- Contracted-out occupational schemes
- Claiming compensation for incorrect advice to contract out
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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