State Pension

[Michael Parnham]

Firstly I am not 100% sure on this one Steve, as I contracted out of SERPS and then was advised I would be better off going back in. This left me with a small private pension in addition to my State Pension, I am having a bit of fun with this private pot, which goes up and down like a Fiddlers elbow (I chose the more risky Investment route), but I chose a SIPP which means Self Invested Private Pension, or in other words I choose what funds to Invest this pot in, this is slightly different to leaving it with a Life Insurance Company who would invest it in Funds of there choice, so they may still rise or fall but at a slower rate ( they tend to choose the more safer Funds) which either gain less, but also lose less on a downturn.

As I said earlier Steve, I have no idea about the State Pension contributions, but be careful as Governments can move the goal posts, and seem to be advising people these days, to take out private pensions, which may be advisable in Em's case.

I contracted out and now when the new system starts I will lose £30 per month Harry

[Terpe]

I contracted out and now when the new system starts I will lose £30 per month Harry

Michael, like me, you're not eligible for the new 'flat rate' state pension based on your date of birth and date of reaching state pension age.

Can you please explain how you think you will lose £30 per month from your existing state pension?

[Michael Parnham]

Michael, like me, you're not eligible for the new 'flat rate' state pension based on your date of birth and date of reaching state pension age.

Can you please explain how you think you will lose £30 per month from your existing state pension?

I'm sure I have seen it on the DWP website Harry!

[Terpe]

I'm sure I have seen it on the DWP website Harry!

Michael, you are not eligible for the new flat rate pension that comes into force April 2016
You will not lose £30 per month from you pension

[Michael Parnham]

Michael, you are not eligible for the new flat rate pension that comes into force April 2016
You will not lose £30 per month from you pension

Oh, thank you Peter, you've put my mind at rest