Need advice on pensions

herculees

I'll try to keep this short as have many questions..
Im 30 ish and have had 2 long term jobs for the Council and NHS but never took up a pension with them (they asked but for some reason I said no). I have 2 children so there were a few years not working inbetween. I now live with my partner and do not work. I was allowed to claim contribution based job seekers for 6 months but stoped signing on as I was not recieving any money it was just going towards a pension but no one would tell me if this was worth it as was paying a lot to get there and it took up so much of my day to do so.
I have no income and my partner thinks this is ok as he pays for everything inc the mortgage which is in his name!
My questions are...
If I have no income how do I start paying in to a mortgage? And with who?
Should I start signing on again? Not looking though just want to put money in to a pension.
As a woman who has worked less and not paid in to work pensions...how bad is it?
Does a house work as a pension? My partner says its ok because I will have the house.
How much a week should you save?
Anyone with even a bit of advice would help as my partner is 25 years older than me so know at some point I will be alone and Im not going to be ready for this. He just keeps saying it will be ok but Im not sure...advice

Lokolo

No income means you don't pay the mortgage, simple as.

If you sign on, you need to be actively looking for work.

The house can provide income upon retirement assuming you sell it and use the money for income. But the house is in his name, so it's his, not yours to sell. (obviously if divorce comes around its a different matter)

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Why have you not got a job? Do you not want one or what?

herculees

Its complicated. I was working full time and looking after my two children (in a rented house). My partner worked full time (owning his own house) we wanted to move together. We moved to a small village. He could keep his job, I could not. Morgage was in his name only as they would not give us the full amount if my name was on it (as looked like a dependant). I looked for work but as in a village it is so hard. I would love to work. Daughter has just started school so gives me free time. But cant afford childcare (after school etc) so hours are limited. Cant afford a car (till working) so that limits it also. So no income, no chance of a job, what do I do?

atush

Gobsmacked!!!

This was posted after you replied so you answered some Qs but are till not in a great position.

If I have no income how do I start paying in to a mortgage? And with who?

you can't and perhaps you don't own the house? If you are not married this is a great big huge problem. Get married or get your name on things as if he leaves you- you get NOTHING.

You had 2 jobs with Final salary pensions and you CHOSE not to join. Probably your biggest ever wrong move in life. I would say having children with a man you are not married to would be another but I love my kids so I am sure you do too. I am not judging you religiously just financially as you didn't help them as they and you now have little financial protection. You would have TONS more if you had married. So you need to think now to do the best you can going forwards for you and your children.

You had jobseekers but gave up collecting. Dont' know why you stopped (apart frm you couldn't be bothered) as the only pension you were paying into was the free state pension so probably cost you a bomb. Good news is if you scurry on over to DHS you can make sure you are still getting NI contribs as you are in receipt of child benefit?

Should I start signing on again? Not looking though just want to put money in to a pension.

you can't collect if you aren't willing to work. Why should we pay you not to look for work???? Apart from the fact is if you do it is illegal and you could be prosecuted. If you want to work and can, do. You can claim while still looking and once you find work you will do better for yourself and your children. This is the way out of your life now to where you want it to be.

[As a woman who has worked less and not paid in to work pensions...how bad is it?
Does a house work as a pension? My partner says its ok because I will have the house.
How much a week should you save?
/QUOTE]

1- Bad, but you can make it better
2- Your partner can say anything he likes, if he owns it he gets it if you aren't married. If married you'd get the houseprobably if youhave the kids. A house can work as a pension only if you can sell it and have somewhere else to live, you own it (not just your partner), and you don't spend the money you get from the sale but save it and live on the interest only.

3- you should save every penny from what you earn you don't need to spend. Given now you don't earn and don't need you could save 100% of your salary if you got a job and you and your children would be far better off.

Hope this helps and you take this in the spirit in which it was intended- to give your children a better life.

FLAPJACK

First of all your partner says it's "ok because you will have the house"......is it willed to you?, if it isn't, then his estate (including the house) will go to probate....has he any rellies that could appear out of the woodwork to make a claim on the estate?

Protect yourself and make sure it's in the will that it's left to you.....at least you know then you will have a roof over your head. Obviously though taking responsibility for a mortgaged house will mean you are responsible for not only the mortgage but also all the household bills.

Not sure what to suggest other than that....I suppose you could sell the place and rent somewhere, paying the rent with the proceeds.....but that will run out one day if you are not working.

On the face if it though the pension aspect at the moment is the least of your worries....just ensure that if you are left on your own you have a roof over your head while you work out what to do.

herculees

All the above does help and make me feel better.
1. We are to get married but he's just had heart surgery so it got put off for a bit. (as for kids-they are not his. Their dad became violent so I left him!) Best think I ever did.
2. I was STUPID and young-not to use my work pensions! This I know will cost me. Cant do anything now.
3. I stopped claiming JSA as I looked for work for over a year with no luck. My partner and I think I can work from home (selling home made produce etc) but this would be minimum income (I still look for work but have no chance where we live with no car).
(who is DHS by the way?)
4. House is not willed to me as we have not got around to this yet! We need to do wills asap for the kids sake.
5. He pays for more or less everything (I hate this). I know it got to be that way for now but Im so used to working and supporting myself that the last year or so has been driving me mad. Want to work, want to have a pension, want to be financially sorted for the kids.
Thanks for all comments I will take all of this advice and do all I can to sort this,

sleepless_saver

You only need 30 years contributions for your state pension. If you are looking after children aged under 12 and getting child benefit then you will get those contributions credited, so don't worry about not signing on after your contribution based JSA has expired.

A house isn't my idea of a pension. You still need somewhere to live, and for the average house, downsizing doesn't release that much money. So it could be part of your pension but not the whole thing.

While you are not working, you could still start something like a stakeholder pension which your partner could contribute to for you up to £2880 a year.

Another thing to think about is life assurance which can help provide for surviving partner.

atush

DHHS dept of health and human services- ie benefits, jobseekers etc. What it is still called here where i live, don't know if they have changed the name in England.

Yes, life insurance is a must, as is finding a way into work. So, ask that he gets you a car or move house somewhere you have acess to transport as it sounds you are a bit stranded. I would be lost w/o my car as we live fairly rurally and a bus stop is best part of a mile away. He probably has some life insurance, as he has a mortgage but I don't know if he has listed you as beneficiary or hos blood relatives. You need some too for your children.

Make wills today. You need to know you are secure in your house if something happened to him. If he died tomorrow, the house and all he has will go to his parents/siblings and not you. And if you want him to raise your children instead of their father if somehting happened to you, you should make him guardian.

herculees

again thank you all for comments...

Though I have just realised in my first comment I asked how to pay in to a mortgage (I meant Pension), because I was writing about the two I just must of missed that. (sorry).

sleepless saver-thank you for reminding me that. I do remember someone saying that it would be better for me spending time looking for a job rather than taking a whole day out to sign on just for credits as my daughter is 3 so I should get them anyway. Im not lazy at all, have worked so hard most of my life just in rural areas its harder to get to places.
atush-my partner does not have life insurance as such but his work automatically takes something like that out for him apparently which has my name on it. I supose Im so used to looking after myself that having him say everything is ok just doesnt feel enough, I want to actively do something.
I spoke to him yesterday about this and we agreed on many things.
A will is a must.
We will find out about guardians for my children, we discussed this before but never got around to it. We are well aware that if he dies (god forbid) I would find a way somehow to cope (as a single parent would get help again). If I die he is stuffed! My violent ex would seek custody knowing Im not there to fight him. and my partner works away from home so would have to give up his job to look after the children but this means the mortgage would be impossible to pay. (If he dies I think his insurance from work and 2 pensions would cover it).
So all in all Im glad I started this topic, was worried about pension but have had advice on otherthings that I just never got around to doing. Thank you all.

sleepless_saver

herculees wrote: »

I supose Im so used to looking after myself that having him say everything is ok just doesnt feel enough, I want to actively do something.

:T:T brilliant. Now you've started, don't stop till you're sure everything is sorted. Then you won't have it niggling away, and you'll know you and your children - and your partner - are secure whatever happens.

gadgetmind

herculees wrote: »

My partner and I think I can work from home (selling home made produce etc) but this would be minimum income

Make sure you tell HMRC that you're self employed and also consider paying the £2.60a week class 2 NICs if your children are over 12 and/or you don't get child benefit. This will mean you continue to earn years of state pension.

Also get a state pension forecast - it's free!