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Looking at the fees that are charged today, they can range from 15% to 30% + VAT. Our fee structure for Serps claims is simple. NO WIN NO FEE - But better..
> If you win Serps compensation we charge a set fee of 0%. Thats right NO FEE.
> If you lose your Serps case we make no charge.
You can make your own claim and you will not need to pay a fee. We have found in the past that the SERP's arena is very tricky, this is why we recommend using a firm who specialise in SERP's.
Example 1
SERPS compensation £20000.00 added to your pension pot.
Company A charge 20% + VAT. The fee = £4700
MKFP charge £0.00
If you need further clarification on this please contact us.
If you need further clarification on this please contact us.
Keywords
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If you win Serps compensation it will usually be paid into your Serps pension.
We look to claim the highest level of Serps compensation. A person may have joined a Serps compensation instead of SERPS.
This is called 'contracting-out'.
Any SERPS earned from April 1978 to April 1997 is reduced if a person was contracted-out during that period. This reduction is called the 'contracted-out deduction' .Serps compensation
From April 1997 to April 2002, a person who was contracted-out could earn no SERPS at all.
The State Second Pension provides a more generous additional State Pension for low and moderate earners. Access has also been extended to include certain carers and people with long term illness and disability whose working lives have been interrupted or shortened. The inherited SERPS rules do not apply to State Second Pension. Serps compensation The maximum amount of State Second Pension a person may pass on to a surviving husband, wife or civil partner is 50% .Serps compensation
SERPS is the State Earnings Related Pension Scheme. This ran from 1978 to April 2002.Serps compensation
SERPS is a second pension paid by the state on top of the basic State Pension. You will build up a SERPS pension if you paid any National Insurance contributions during this time – as long as: you were not a member of a contracted-out pension scheme you had not opted out of SERPS and instead had contributions from the state paid into a personal scheme of your choice.basic State Pension.
Unlike the basic state pension, any SERPS pension will depend on your earnings. basic State Pension.
Although SERPS has now been replaced by S2P you will still receive a SERPS pension if you have the right contributions record. People will be retiring for the next 40 years or so who will receive a SERPS pension. basic State Pension. S2P
One advantage of a SERPS pension is that you can pass some of it on to a surviving spouse. S2P
Working out your SERPS pension requires a complex set of calculations. If you want to get an estimate of your SERPS pension the best way is to get a pension forecast from the Pension Service website. S2P
Even the basic principles are far from straightforward, but this is how it works: S2P
SERPS depends on your income over a maximum of 20 years. get a pension forecast
But it does not use your take home or pre tax pay to work out the income part of the equation. Instead it counts how much you were paid above the National Insurance lower earnings limitup to a maximum of the difference between the lower and upper earnings limits.get a pension forecast
(These lower and upper earnings figures are an important part of the National Insurance system. If you earn below the lower earnings limit you do not pay National Insurance and, while SERPS was in operation, you did not pay National Insurance contributions on any earnings above the upper limit. For the last year of SERPS the lower limit was £72 a week and the upper limit was £575 a week.)get a pension forecast
Each year's income figure is uprated in line with inflation. A maximum of 20 years of these income figures is then used to work out your SERPS pension. The maximum pension you can receive from SERPS is 25 per cent of your average income (calculated the SERPS way - ie your wage less the lower earnings limit up to a maximum of the upper earnings limit). get a pension forecast
There's more about SERPS here
Recent changes to the additional State PensionUntil April 2002, the additional State Pension for employees was called the State Earnings-Related Pension Scheme (SERPS). The amount of SERPS pension you received was based on a combination of the amount of your National Insurance contributions, and how much you earned.There's more about SERPS here
In April 2002, SERPS was reformed and the additional State Pension is now known as the State Second Pension. It gives a more generous additional State Pension to low and moderate earners, and certain carers and people with a long-term illness or disability.There's more about SERPS here
By around 2030 or shortly afterwards the State Second Pension will become a simple, flat-rate weekly top-up to the basic State Pension.How the change-over to the State Second Pension affects SERPS pensionsAny SERPS entitlement you have is protected – so if you built up an entitlement to additional State Pension before April 2002 you will keep it, whether or not you've already reached State Pension age.Spouse or civil partner inheritance of the additional pensionState Second Pension There's more about SERPS here
A widow, widower or surviving civil partner can only inherit a maximum of 50 per cent of their spouse's or civil partner's State Second Pension.SERPSIf you contributed to SERPS the maximum percentage of your SERPS pension that your widow, widower or surviving civil partner could inherit is on a sliding scale depending on when you were born and the age at which you retired.There's more about SERPS here
The percentages range from 50 per cent for men born on or after 6 October 1945 or women born on or after 6 July 1950, up to 100 per cent for men born on or before 5 October 1937 or women born on or before 5 October 1942.
How the State Second Pension helps disabled people and carersIf you are a carer, on low earnings or have long-term disabilities you can now benefit from an improved additional State Pension.State Second Pension
If you don't work or if you earn less than the annual National Insurance lower earnings limit (£4,524 in 2007-2008), you can still build up an entitlement if you:look after a child aged six or less, and you are the person who claims and gets Child Benefit take care of someone who is ill or disabled, and you qualify for Home Responsibilities Protection are entitled to Carer's Allowance (even where you don't get this because you get a benefit that pays more) State Second Pension
How to claim the additional State PensionYour entitlement to additional State Pension (whether from SERPS or from the State Second Pension) is calculated when you claim the basic State Pension.State Second Pension
The Pension Service will normally send you the relevant forms and invite you to make a claim about four months before you reach State Pension age. For men this is 65 and 60 for women born on or before 5 April 1950. The State Pension age for women born on or after 6 April 1950 will increase from 60 to 65 between 2010 and 2020. It will increase for both men and women from age 65 to 68 between 2024 and 2046.State Second Pension
.Contracting out – effect on additional State PensionWhen you contract out you choose to pay a reduced amount of National Insurance contributions because you have joined an occupational pension scheme. As a result, you will not normally be entitled to the full State Second Pension because your additional pension will come from your employer's scheme. But you will normally be entitled to a reduced additional State Pension.Serps compensation
If you have a stakeholder pension or a personal pension you can still contract out if you wish, but instead of you paying a reduced National Insurance contribution, HM Revenue & Customs (HMRC) will pay an annual rebate of contributions direct into your personal pension. If you choose not to contract out you will not receive this rebate, but you will still build up entitlement to the State Second Pension.Serps compensation
Afraid of being accused of yet more mis-selling, the pensions industry is frantically mailing millions of pension investors in a bid to cover its back. Serps compensation
The panic mailshots are trying to persuade the investors to review their decision to opt out of the state second pension (formerly known as Serps).Serps compensation
When you look at the circumstances of one Telegraph reader, typical of millions who were advised to contract out, you can see why the industry is getting rattled.Serps compensation
Serps (the State Earnings Related Pension Scheme) was introduced in 1978 as a top-up to the basic state pension. It was supposed to provide an income in retirement of around half the average wage.Serps compensation
During the late 1980s, the conventional wisdom peddled by the life companies was that anyone under the ages of 45 to 50 would be better off opting out of Serps and having their National Insurance rebate paid into a personal pension. The view was that a personal pension would be able to provide better benefits.
The "protected rights" portion is the part that replaces the Serps income. Because the income from Serps is linked to the retail prices index, this part of the personal pension also has to be index-linked. And index-linked private pensions always start at a very low level, because there has to be enough left over in the pension pot to fund a rising pension for perhaps 20 or 30 years of retirement.Serps compensation
She writes: "I have been told my opt-out pension scheme would need to have been worth £45,000 (the value of the Serps pension I gave up) in order to generate an index-linked income of £20 a week. Even after contributing more than £5,000 of my own money, it is nowhere near this figure. What have I done wrong?"
opt-out scheme is unit-linked and the early NI rebates have been invested for 16 years. The stock market collapse of 1987 had already happened by the time she started investing in the personal pension so, until 2000, the investment climate had been relatively benevolent.
But, even if the recent collapse in share prices had not happened, and her pension fund was still worth just over £14,000, as it had been in 2000, this is still less than one third of the £45,000 she would need to replace the Serps pension.
The advice to those considering opting out of Serps is: don't. This is particularly true for those on average earnings or below, because S2P, the state second pension which replaced Serps, is particularly generous to lower earners.
And, for those who have already opted out, it is almost certainly better to opt back in. To provide the index-linked £58 a week that she will receive from Serps, she would have needed a personal pension fund worth £67,000 at retirement. To achieve this with a personal pension she would have had to save roughly £100 a month for 25 years at today's prices.
She earned her Serps pension with only 10 years' contributions of just over five per cent of earnings - or £112 a month at today's prices. In spite of having lost out for the years she opted out of Serps, the 10 years in which she stayed in has proved to be a very good investment. Serps compensation and Serps claims
The rest of this post is only for Search engines, it is of no help to individuals. Please visit our main site for more information www.serpsreviews.co.uk
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