FSA urges consumers to reconsider their S2P status

The FSA says consumers who are currently contracted out of the State Second Pension, either through a stakeholder or personal pension, have a yearly option to change their status, and should seek guidance on whether to maintain or alter this status. People earning below £79 per week are automatically included in the State Second Pension, unless they decide otherwise, but many people choose to ‘contract out,’ and instead contribute towards private schemes, such as a stakeholder pension. The FSA cautions it is imperative for people to review their decisions to contract out before the end ...