House Husband - pension?

kyh

This is going to sound like a stupid question but we are in the reverse position of what many women seem to be going through.

My husband served 9 years in the forces so will be entitled to a small pension from there. He left about 4 years ago and since has spent some time self employed and a year teaching. Because of childcare costs in our area we have now made the decision for him to stay at home as a house husband to look after our little girl. She is due to go to school next year but he may not return to work - we have found that we have managed on the lower income and I am hopefully going to be promoted soon (next year or 2 ) so we will be on slightly more money again.

If we made the decision for him not to return to work at all but remain as a house husband what should we be doing about his pension. He always paid his NI contributions up to Apr this year when he stopped work. He is just 35.

CLAPTON

he should get a state pension forecast

read up about home responsibility protection... if he says at home and is responsible for children under 16 and has child benefit in his name then he will qualify for HRP which will protect his state pension.

Errata

Info which might help you here http://www.direct.gov.uk/en/MoneyTaxAndBenefits/BenefitsTaxCreditsAndOtherSupport/Caringforsomeone/DG_10018691

EdInvestor

It may be worth you contributing to a additional pension for him.At retirement each individual will soon be entitled to tax free income of 10k. So if the total of his army pension and state pension are less than that, it would be worth contributing up to the annual allowance for non-earners (2,880 after tax relief )with a view to building a fund which would provide an income to make up the difference.

kyh

CLAPTON wrote: »

he should get a state pension forecast

read up about home responsibility protection... if he says at home and is responsible for children under 16 and has child benefit in his name then he will qualify for HRP which will protect his state pension.

Yes to the first 2 but the CB is in my name as we only have one bank account - I will look into that thought thank you

kyh

I think I need to get a prediction of his army pension as well

seven-day-weekend

kyh wrote: »

Yes to the first 2 but the CB is in my name as we only have one bank account - I will look into that thought thank you

The Child Benefit MUST be in his name if he is to be credited with NI on the grounds of Home Responsibilities Protection.

http://www.thepensionservice.gov.uk/atoz/atozdetailed/homeres.asp

Do this, and get a Pension Forecast as well.


http://www.thepensionservice.gov.uk/state-pension/forecast/home.asp