Timescales for claiming back SERPS

Whilst there has been coverage in the national press regarding the problems that have arisen as a result of opting out of SERPS, these problems are not yet widely understood by many people who are still paying into their private schemes.

Many are being advised by post that they would be better opting back into SERPS, and are not given any indication of a problem, and believe they are receiving timely and valuable advice from their pension company and are feeling well looked after and happy that initiative is being taken on their behalf.

In fact this could not be any further from the truth and the mis-information is continuing.

You only have from when you were first made aware of the problem, 3 years to claim back your compensation. Whilst this at first glance appears to be a generous time frame in which to work, this could not be further from the truth.
Since many life companies have been advising people by post that there is in fact a problem and to opt back in, however gently the text is phrased, this is in many cases taken as you being advised of the problem and the clock starts ticking.
Once your time has expired you will be facing a shortfall with no option left in order to reclaim the lost funds, and your pension fund that you have been working hard on to provide your financial security in your retirement will be far less that you deserve.
The best time to make your claim is right now, and this will ensure you will not be one of the people who have lost out.
You only need to cast your mind back a couple of years to the last major mis-selling event which rocked the financial services industry. The mis-selling of endowment policies has left hundreds of thousands of people with a lump sum insufficient to pay off their mortgage. The dreams of a round the world trip with the additional money they would be receiving had long since evaporated.
Due to time-barring on claims and a general reluctance from many to read any letter the pension company sent them, has left people with thousands of pounds of lost money that can no longer be claimed back.
Don’t be another victim – take decisive action to correct the problems and ensure your future financial security.