Age 35, no pension, soon unemployed

Chickola

Hi

I'm really worried about my financial future.

I am 35 and have found out I am being made redundant. I am currently pregnant and terrified for the future. I've been working for a small business with no pension plan and never joined one in previous employment.

I am considering retraining as a teacher but wouldn't qualify until 2014 / be able to start a job until end 2014.

My job will finish mid June when I will qualify for SMP which I will start in September so I will have 2.5 months with no salary followed by 6 months + of real struggle on the basic SMP.

I do have a small (10k) savings fund which I have always paid about £100/month into in lieu of having a pension but it is likely I need to dip into this to financially survive the next year. My husband has a local government pension he pays into.

Basically am I too late, what should I try and do? Realistically am I better off trying to retrain to ultimately earn a higher wage in the future where I can get an employer based contribution, or try and find a private pension I can pay into regardless of job?

My main concern is trying to survive the next 12 months without depleting all my savings.

xylophone

http://www.direct.gov.uk/en/Employment/RedundancyAndLeavingYourJob/index.htm
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/TaxCredits/DG_194914
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ChildBenefitandChildTrustFund/index.htm
Hope your savings are ISA'd - if not, get them into ISA this year and next. http://moneyfacts.co.uk/compare/savings/accounts/search/
http://www.direct.gov.uk/en/Pensionsandretirementplanning/Companyandpersonalpensions/Startingacompanyorpersonalpension/DG_183722

sleepless_saver

Chickola wrote: »

Hi

I am considering retraining as a teacher but wouldn't qualify until 2014 / be able to start a job until end 2014.
...
Basically am I too late, what should I try and do? Realistically am I better off trying to retrain to ultimately earn a higher wage in the future where I can get an employer based contribution, or try and find a private pension I can pay into regardless of job?

Go for the work you really want to do, and then sort out the best pension options for your circumstances. Pension planning is important but it's not something that should dictate your choice of your career. In any case there's no reason why you shouldn't have both a personal pension and make use of any good occupational pension schemes in jobs you have in the future.

I realise you didn't ask about this but - with a baby on the way, your financial priority is to make sure you both have adequate life assurance and up to date wills including guardianship arrangements for the unlikely event that something should happen to either/both of you.