Not sure what to do about pensions??

clare25

Hello all,
I am 27 years old I live with my partner (who has a good pension scheme) and our 2 children.
I currently do not have a pension nor have I ever paid into one . Basically work part time hours and within my employment I am classed as casual therefore am not offered a pension scheme.
Lately I have been worrying about when I retire how I will survive, I just wondered if anyone could give me some advice on how I could start saving for my retirement and how much I should be trying to put away?

Many thanks

EdInvestor

Step 1 is to check out how much you have already clocked up for the 2 state pensions.

Request a forecast here:

http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008

The rules have recently changed to the advantage of women, and you will have been credited free NI contributions while looking after children.

A pension may not be the best way to make additional savings, as the tax relief you get going in is mostly negated by tax on the eventual pension after you retire.ISA savings (whether cash or stocks and shares) may be a better option at this stage.

zygurat789

If you put up to £2880 pa into a stakeholder pension, the government will put up to another £720 into it for you.
When you retire it is subject to tax but it sounds as if you may only be on the basic pension of just over £5,000 and from age 65 you can earn £9,490 tax free.
If your partners pension scheme is so good you should receive a percentage if he dies before you SO LONG AS you are nominated if you are not married.