YOUR MONEY

Need some practical financial advice? YOUR MONEY

Editor Tricia Phillips and her team can help Q I opted for a levelling out pension option when I finished work four years ago. When my state pension is due is there any way of working out by how much my state pension will be reduced?

A The levelling option enabled you to receive a larger pension from your occupational scheme until you receive your state pension. Once you start receiving it, the amount will go down. Your income, when taking into account the scheme and your state pension, will remain more or less the same throughout retirement.

Q With interest rates still very poor, I’ve come across an 8% deal on a fixed-rate ISA for three years. It’s with a company I’ve never heard of called London Capital & Finance Plc. How can they offer such a good rate? Are there any risks?

A These are bonds which are loans to many companies. If the borrowers default on the loans, you may lose some or all of your investment. Therefore, they are speculative and involve a degree of risk. Also, these bonds are not regulated by the Financial Conduct Authority or protected by the Financial Services Compensation Scheme.

Q My husband died 10 years ago and I didn’t realise that I may be entitled to a share of his state pension. Have I left it too late to try to make a claim?

A This one comes down to you. What you may get and how much you may be able to claim will depend on whether you reached state