second state pension?

Question

My colleague has an occupational scheme provided by his employer with clerical and medical...employer provides 3% and employee the same. He has asked my advice as to; a) is his pension pot doing well under clerical and medical b) if he could do better investing his pot in the second state pension scheme...and can he transfer his pension from clerical and medical as well as paying into the scheme.

any links on how he could do it would be appreciated...since regrettably my expertise is limited to the LG scheme and the british steel scheme.

Robin T Cox · Accepted Answer

His best course is to consult a local IFA.

BigGirlsBlouse · Answer

Ime afraid my experience of IFA's is that they know little more than the rest of us!... just as with profits bonds hit poor returns, barely better than RPI, he encouraged me to invest, just as aberdeen technology was about to collapse... he got me to invest £3k...need I say more.

but then...looking at past posts AndyPandy seems to have knowledge of these subjects?

Andy Pandy · Answer

Don't his annual statements tell him? If you know the name of the pension fund (they probably have many) you could try looking it up on the C&M website.

Every employee (paying class 1 NI) is automatically in the second state pension unless their occupational/private pension is contracted out. If his occ pension is contracted out he probably has no choice in the matter other than leaving the occ pension and losing the employer contributions, he needs to ask his employer or whoever runs the scheme.

You can't transfer in past service to the second state pension AFAIK.

Robin T Cox · Answer

And what organisation regulates AndyPandy? What qualifications does AndyPandy have to give advice? Who is AndyPandy?

Gordon H · Answer

In message , Robin T  Cox  writes Big-Ears's best friend.

GSV Three Minds in a Can · Answer

Bitstring , from the wonderful  person Gordon H  said No, that's Noddy. (And the second 's' after the apostrophe shouldn't be  there). AndyPandy is Looby Loo's best friend. (Or Teddy's .. pick one).

Gordon H · Answer

In message , GSV Three Minds in a Can writes

Thank's for the correction's. ;-) I take it that you have grandchildren. Mine are in California and Australia, so I don't get to read/watch the kiddies stuff.

GSV Three Minds in a Can · Answer

Bitstring , from the wonderful  person Gordon H  said Nope, I just remember it well .....

Andy Pandy · Answer

Teddy. Looby Loo is an inanimate doll.

Robin T Cox · Answer

Such a helpful post to the query of the OP.

BigGirlsBlouse · Answer

Your sooooo right.... I wish Ide never mentioned Andy Pandy now! so back to the subject.... other than a IFA does anyone here know the answer to the original question..... even I have forgotten what it was now!!

second state pension?

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