Pensions

Feb 07, 2006 4 Replies
J

I have not taken much notice of pensions, I know that I haven't got one but am contracted in the second state pension.



I have seen that they intend to raise the state pension age when I retire to



  2. I know that I won't get anywhere near that age and will be dead well before.



When I do go early is there anyway to transfer this pension to my partner or do I just lose all benefits that I have paid all my life for.



Is there anyway for me to opt out of these pensions and put the money aside for my family.


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A

IIRC in the Turner proposals it won't be 68 till 2050.

If you are married (or I guess a registered gay couple). I think you can inherit

50% of your spouse's SERPS entitlement, and your spouse can get 60% of the basic state pension you are entitled to if their entitlement on their own record is less.

See:

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And NP46 contains nearly everything you'd want to know about state pensions:

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You can contract out of SERPS, but not the basic state pension.

There are other benefits your family can get, based on your NI contributions, if you die before state pension age, such as Widowed Parents Allowance and Bereavement allowance:

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D

If you contract out into a stakeholder, do you know if the fund passes to your beneficiaries as it does with non contracted out stakeholders ?

Also if Janet can prove impaired life she may be able to get something earlier.

Daytona

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A

Not sure, but it must surely be either that or a widow/widowers pension. Probably depends on the scheme.

From the state pension? I don't think so - I can't find anything from that search that indicates that. Also nothing in NP46. Am I missing something?

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D

No, NP46 is the bible. I just gave Janet the relevant keywords for further investigation.

Daytona

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