§ Mr. WillettsTo ask the Secretary of State for Social Security what entitlement to inherited SERPS remains after someone who has contracted out of SERPS into an occupational scheme subsequently transfers to a personal pension plan; and what action his Department has taken to inform people that they could lose out by making such a change. [159701]
§ Mr. RookerSince 1997, there has been no link between contracted-out pension rights and SERPS. A transfer of rights accrued since that date would have no bearing on possible entitlement to inherited SERPS.
For the transfer of pension rights accrued before 1997 in a contracted-out salary related pension scheme, the situation will depend on an individual's circumstances.
We therefore recommend that a person should seek independent financial advice before transferring pension rights from an occupational scheme to a personal pension.