Claims for having contracted out of SERPS

[72EuropaTC]

I've noticed some companies promoting a compensation claims service for people who have previously contracted out of SERPS. I think this follows up from the late 80s/90s when the government was touting contracting out to everyone. Does anyone here know what the criteria would be for successfully making a claim or what has kicked this off?

The only reason I can think of is that at the time you already had a company pension scheme and contracted out and had everything transerred to a personal/private pension. I know pensions have taken a big hit in performance/return over the years and for many aren't likely to provide the desired income at maturity, but I can't see this as a basis for making a compensation claim.

[The Leaper]

I suggest you contact TPAS. Website is below. All advice and services are free

http://www.pensionsadvisoryservice.org.uk

R.

[72EuropaTC]

Thanks for the linky.

I didn't have an occupational/company scheme to join at the time, was advised to contract out and took up my own pension. I ran it for several years and was then advised to contract back in about 8 years ago. The pension has seriously underperformed (IMO) but as far as I am aware that's no basis for any claim.

I thought that all of the mis-selling (ie start your own personal pension even if you had an occupational/employer pension scheme) had all been sorted out years ago.

Just curious really as to what the claims basis might be.

[The Leaper]

Looks to me that the contracting out decsion is not the problem, it's poor performance of the underlying investments. Difficult to challenge unless the advice given at the start and thereafter was not appropriate to your financial circumstances, objectives etc, which I can't comment on. You could still call TPAS for their views.

R