Help-pension stakeholder

froggy27_2

I've just been paying on my stakeholder pension for years with Virgin...I never really read the little print but today i did and it states that if employment changes we have to tell them to see if we are still entitled to pay in .... i've stopped working when i had my daughter now 20mths, reduced my monthly payments but thought i could still put money aside. So what can happen now when i tell them? i guess i have to ...is this fraud? i'm now rather worried.. what will happen with the money i put during those months?

thanks for your help and advice as always.

Nick_C_4

You can still put £3600 (gross) per year into a pension even if you're not working, and receive tax relief on it. This would be equivalent to £2808 net per year, or £234 per month. If you haven't been paying in more than this in, then you'll be OK. Also, the year you actually stopped work you will probably be OK until the end of that tax year, as your earnings up to that point in the year would probably be enough to justify your contributions. You should contact them, though, and tell them of your change in circumstances.