Hi guys, nice to be here - SERPS pension payout

lilli · February 26

Hi Guys, my name is Lilli, I have been an inactive member for 8 years but I am not good with words and my level of understanding documents is very limited.

I just found out that I have a SERPS pension payout due on my 65th Birthday and I am panicing, I think it will affect my benefits and I don't want to go through that again, since before covid i have been up and down with PIP and other benefits, when I was younger it was disability living allowance and I understood that but now I am totally thrown. Has anyone else had this experience?

Huge hugs to you all xx

karrine · February 26

Hi Lilli, your SERPs pension will not affect your PIP as this is not a means tested benefit. However it may affect your UC if you are on it and possibly your tax level if you are working as it is counted as income. I hope this helps but if you are still unsure your best point of contact is the CAB 0808 223 1133. Take care and I hope you get sorted

karrine x

lilli · February 26

Hi Karrine,

thank you so much for your help I really am very grateful. I am not working as I have been registered disabled and incapable of work for over 30 years now, I live entirely on benefits including housing benefit, both disabled benefits for care and getting around. I didn't know I was going to get this pension and don't want it, it will just cause me more confusion and stress. I will try the number you suggested, my sincerest thanks Lilli x

vikingqueen · February 26

Hi @lilli You don't have to take your serps pension at 65, you can leave it till you are retirement age. I could have taken mine at 60 but left it where it was. It won't affect any benefits because legally you don't have to do anything till your retirement age

With serps you buy an annuity its usually not just a pay out. Ring the company it is with and they will explain everything

lilli · February 26

Thank you vikingqueen, another lovely piece of advice, you guys are truly wonderful

Lilli x

vikingqueen · February 26

Honestly @lilli it is do easy to sort it out, I have just this week has my finalised letter from my insurance company and it was simple all the way through.

lilli · February 26

Thank you so much x

Mary_Scope · February 27

Hi @lilli and a warm welcome to the community from me!

I see our lovely members have already answered your question and given some good advice so I won't add anything else today but it's lovely to have you here and I hope you enjoy your time on the community😊