If you were one of the many who were advised to ‘opt out’ of your State Earnings Related Pension Scheme (SERPS) between 1st July 1988 and 5th April 1997, then you may have suffered significant financial losses.

SERPS Compensation

At the time, there was considered a ‘pivotal age’ of the people targeted by rogue advisers. This was roughly 45 years old for men and 40 for women. 

If you fall into these categories, you may have suffered a loss as a result of wrong advice and may be eligible for compensation. If not, please refrain from contacting us as we will not be able to deal with your claim.

Defining SERPS

SERPS is an abbreviation for State Earnings Related Pension Scheme, otherwise known as the ‘State Pension’. It has now since been replaced, but that doesn’t mean that you cannot claim for compensation of any financial losses. Originally, a SERPS was designed to increase the amount that would be paid to retirees above the basic State Pension, allowing them to get a leg-up after retirement. 

What does ‘opting out’ of SERPS mean and why was it so popular?

‘Opting out’ basically means that you make contributions to a private pension scheme – but to do that you will have had to opt out of a nationally available and government-advised scheme (like the SERPS).

Between the late 80s and early 90s, opting out was particularly popular with employers because it allowed them to pay less in National Insurance contributions. Initially, this option was only available to those who made contributions to final salary pension schemes. However, it was then widened to money purchase schemes in 1998.

If you contracted out after March 1997, you will have no SERPS entitlement in relation to earnings after that point. However, if you contracted out before that, your entitlement will be reduced in line with the deduction. This means that you therefore could qualify to apply for contracted out of SERPS compensation with the support our team.

If you have a SERPS entitlement, you will receive this from the point you reach State Pension age, and your entitlement may also be paid to your surviving spouse or civil partner when you pass away.

Do you have a SIPP or a SERP?

At Expert Pension Claims, we can assist you if you were mis-sold a Self Invested Personal Pension (SIPP). Although our team does not work with SERPS, we will gladly talk you through your situation and answer whatever questions you have. Our blog SIPPS vs SERPS – What’s the Difference? may also be of use. 

Call us on: 0161 968 0768

Or fill in the claims form on this page and we’ll get back to you soon. You can find more of our contact details here.

In the meantime, stay tuned to our blog section as it’s regularly updated and contains some highly valuable insights into the world of mis-sold financial products. 

  • This is an informative page and not a reflection on the services offered by Expert Pension Claims or DRSP.