BIFA - Your SERPS Review

Your SERPS review will consist of information that will allow you to make a decision as to the best way to proceed in respect of your existing SERPS fund and future rebates. It may well include recommendations for your consideration with the intention of improving the current situation in respect of your existing contract, your funds, and if appropriate, future rebates.

• What this means is that we will tell you what you have and what to do about it.

In order to provide you with this information we will need your authority to contact relevant authorities or insurance companies that hold your pension fund. This will enable us to make recommendations to improve your existing funds, possibly by reducing charges, selecting more appropriate funds, and reviewing your plan in the future. We will also obtain a history of your previous rebates and check that the correct rebate is received in future years. If requested, you will be advised whether it is likely to be in your interest to contract in or out of the State Second Pension Scheme.

• What this means is that we will need your permission to obtain important information.

Our service will provide you with:• A report detailing your plan and your pension funds.

• Recommendations to improve your existing contract, if appropriate.
• An annual rebate check.
• Regular fund reviews.
• Regular fund statements.
• An indication when to consider contracting back in to the S2P system.
• Uncomplicated information that will help you to understand your contract, and what course of remedial action is available, if required.

What this means is that you will benefit from a quality service.

To provide our service we need from you:

• Your authority to contact the provider of your contract, now and in the future, through our agency, if appropriate.
• Information about your individual situation and your circumstances e.g. your marital status, your income, your employment status, your age, whether any additional income is available when you wish to retire, your attitude towards investment risk, and expectations of future rises in income and inflation.
• To consider any recommendations that we put forward.
• To notify us of any major changes in respect of the information that you have provided, e.g. a change of employment status, any change in income or a change of address.

• What this means is that we need your participation.

If you are concerned about or cannot answer any of the following topics, you certainly need a SERPS review.

• What type of contract do I have?
• What are the charges taken from my plan?
• How is the fund performing?
• Is the plan likely to meet with my expectations?
• Am I receiving my annual rebate, and is it correct?
• Should I be in or out of S2P?
• What can I do to better the situation?

A copy of the information that we require and the appropriate forms, along with a standard letter of authority, are available for you to view by clicking here.

Click here to find out how to apply for a SERPS Review.

Click here to go back to the SERPS Main page