Back to work after career break, but don't have a clue where to start with pension

jap200

I am in the fortunate position of having managed to find myself an excellent well-paid part-time job having been at home looking after my children for the last 5 years. However, my employer is v.small company and does not have a pension scheme.

Before my career break I worked for a big pharmaceutical company called Astra (now AstraZeneca) for 5 years where I paid (the minimum amount) into the pension scheme. After having a couple of babies I then worked part-time for a smaller company for only 1 year where I had what I seem to remember was called a 'portable private pension'.

I am now 38 and in a financial position to pay into a pension scheme or do some other kind of retirement planning and can afford about £350 - £400 a month if necessary.

The problem is, I cannot find any paperwork relating to my previous 2 pensions, so don't know how much they are worth - although I suspect it is not much.

Just in case this info helps; my husband is 42 and a University lecturer. He has paid the basic amount into the university pension scheme for about 16 years.

So I have various questions:

1. How can I track down my old pensions and find out what they are worth?
2. What sort of retirement planning should I be doing now - i.e. how much and where?
3. We have a flexible mortgage and as property seems to be such a good investment, would it be better to pay this 'pension' money into the mortgage to pay it off early?
4. Would it be better to pay more into my husbands scheme instead of setting up one for me - or do a bit of both?
5. Should we get in touch with an IFA?

Any help to get me started on the right track - even if it just points me in the direction of websites with relevant information, would be very much appreciated.

moneyandmountains

jap200 wrote:

1. How can I track down my old pensions and find out what they are worth?

The government pension service provides a tracing service. See:
http://www.thepensionservice.gov.uk/atoz/atozdetailed/pensiontracing.asp

Alternatively, for Astra, if you phone up the HR department / UK Head Office they will probably be able to tell you who your scheme adminstrators are.

EdInvestor

jap200 wrote:

1. How can I track down my old pensions and find out what they are worth?

Via the same link above, also get a forecast for your 2 state pensions, making sure you are credited with Home Responsibilities years for the time at home, and bear in mind you will only need 30 years for the basic state pension, plus you should have Serps/S2P entitlement on top.

2. What sort of retirement planning should I be doing now - i.e. how much and where?

Depends on the info about existing provision.Also, will you be a higher rate taxpayer in the new job?

3. We have a flexible mortgage and as property seems to be such a good investment, would it be better to pay this 'pension' money into the mortgage to pay it off early?

It might be, but need to assemble info on existing pensions first.

4. Would it be better to pay more into my husbands scheme instead of setting up one for me - or do a bit of both?

Not unless you have already used up all your own tax allowances by acquiring a pension income of 10k p.a.

5. Should we get in touch with an IFA?

Not yet.collect pension info and report back first.

jap200

Thanks for this - I will look into this tomorrow when I am not so tired. I finally have somewhere to start!

In answer to a question above - I pay tax at the standard rate - my salary is good but I only work 24 hours/week!