Is nobody else annoyed about the end of contracting out of SSP??
29 February 2012, 10:09 PM
#1
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Is nobody else annoyed about the end of contracting out of SSP??
I see no threads here about this, I usually don't need to start threads on such topics because there is always someone else annoyed about whatever it is before I am!
I knew it has been on the cards for a while now, but finally got a letter through telling me it is the end and the money which was going to supplement my pension is now just going to the Govt (to waste) and there is nothing I can do about it!
This is even more annoying than a TDW thread/post!
Asif
I knew it has been on the cards for a while now, but finally got a letter through telling me it is the end and the money which was going to supplement my pension is now just going to the Govt (to waste) and there is nothing I can do about it!
This is even more annoying than a TDW thread/post!
Asif
29 February 2012, 10:21 PM
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State Second Pension.
You used to be able to 'contract out' of it and have that part of your NI contributions go directly into your Defined Contributions Pension (and probably others).
Now you can't. It goes into the treasury and if you are a good boy or girl, when you retire you will be entitled to whole or part of whatever the state pension will be at that time.
If you are lucky, you will get 100% of sweet FA!!
Asif
You used to be able to 'contract out' of it and have that part of your NI contributions go directly into your Defined Contributions Pension (and probably others).
Now you can't. It goes into the treasury and if you are a good boy or girl, when you retire you will be entitled to whole or part of whatever the state pension will be at that time.
If you are lucky, you will get 100% of sweet FA!!
Asif
29 February 2012, 10:29 PM
#4
Sorry, didn't know that existed..........surely though you are now like most people in that the Govt take NI and offer you the state pension (even though the UK has no hypothecated taxation)..
Shaun
Shaun
29 February 2012, 11:24 PM
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I've got a whole factsheet here. Essentially the payments of SSP into your contracted out scheme will simply stop this April and go to your state pension.
So, more tax to the Govt, who will **** it up against a wall and less pension for you.
These are the sorts of things people should REALLY be getting angry about!
Who's your pension provider? Mine is AEGON (Scottish Equitable) and Friends Provident. The SSP CO payment was going to one of the AEGON pensions. From April, it will just go as tax.: mad:
Asif
So, more tax to the Govt, who will **** it up against a wall and less pension for you.
These are the sorts of things people should REALLY be getting angry about!
Who's your pension provider? Mine is AEGON (Scottish Equitable) and Friends Provident. The SSP CO payment was going to one of the AEGON pensions. From April, it will just go as tax.
: mad:Asif
29 February 2012, 11:27 PM
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It's for your secondary or top up pension, brought in some years ago because the basic pension was going to cause mass starvation or something. We should all be eligible.
There must be some pension experts on here who can inform us more. I'm just too annoyed!!
Asif
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01 March 2012, 12:05 AM
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No its gorn....as from April....
I lost mine some years ago when i went back into a final salary scheme,
not sure , but my pot was pretty big at the time with the SSP portion....
now prolly worth jack
Mart
I lost mine some years ago when i went back into a final salary scheme,
not sure , but my pot was pretty big at the time with the SSP portion....
now prolly worth jack
Mart
01 March 2012, 08:24 AM
#9
Asif. I had heard of SERPS but never SSP.........seems like just another ruse to get more money into the Govt coffers, like when they removed the ceiling from NI contributions........
Shaun
Shaun
01 March 2012, 09:44 AM
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As much as it is a bit annoying SERPS or SSP was outpoerforming a lot of privately invested funds. My FA suggested that I may be better off contracting back into SERPS
01 March 2012, 02:13 PM
#13
My pension is contracted in. I was advised at the time that it was better to stay contracted in as the returns are "guaranteed" by the Government. Obviously this will depend on whether the Government of the future will deliver the promises the Government of the past when I retire. Even so, I still think it is better to be contracted in especially if you're older and given state of the stock market which non-final salary pension funds are based on.
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