Whats going to happen to me?

Charityworker

I don't earn over the threshold for my employer to take this up. So what is going to happen to me when I reach pensionable age? Is it going to be a case of getting a letter saying "nobody paid into your fund 20 years ago so tough luck".

tanith

You'll receive a pension calculated on your contributions, more info would be good, are you/have you been married? do you have children? you could go to the DWP and get a pension forecast of course, that would be the easiest and reliable way to find out.. I take it you are talking about State Pension?

Try looking here https://www.gov.uk/state-pension/what-youll-get

Debt_Free_Chick

Charityworker wrote: »

I don't earn over the threshold for my employer to take this up. So what is going to happen to me when I reach pensionable age? Is it going to be a case of getting a letter saying "nobody paid into your fund 20 years ago so tough luck".

Your employer still has to set up a workplace pension scheme. They won't have to auto-enrol you, but they will have to write to you and tell you that you have the choice to join (opt-in). If you opt-in you will have to pay contributions to the scheme. If, in addition, you are aged between 16 and 74 and you have "qualifying earnings", your employer will have to pay in to the scheme for you too. The threshold for qualifying earnings is currently £5,564pa so your employer will pay in to the scheme if you earn more than this.

This is of course a private/workplace pension which is payable in addition to any state pension you're entitled to.

Charityworker

tanith wrote: »

You'll receive a pension calculated on your contributions, more info would be good, are you/have you been married? do you have children? you could go to the DWP and get a pension forecast of course, that would be the easiest and reliable way to find out.. I take it you are talking about State Pension?

Try looking here https://www.gov.uk/state-pension/what-youll-get

Thanks for your reply. I am married to a man who has been doing a seasonal job since April and is being made redundant in 2 weeks. He earns a different amount every week varying from £8 to £128.

I have 2 children. One aged 18 who is a full time student and one aged 15.

Charityworker

Debt_Free_Chick wrote: »

Your employer still has to set up a workplace pension scheme. They won't have to auto-enrol you, but they will have to write to you and tell you that you have the choice to join (opt-in). If you opt-in you will have to pay contributions to the scheme. If, in addition, you are aged between 16 and 74 and you have "qualifying earnings", your employer will have to pay in to the scheme for you too. The threshold for qualifying earnings is currently £5,564pa so your employer will pay in to the scheme if you earn more than this.

This is of course a private/workplace pension which is payable in addition to any state pension you're entitled to.

Is that as a collective? I have a part time job and a small business. Neither earns me over that amount but if you add them both together they do.

Debt_Free_Chick

Charityworker wrote: »

Is that as a collective? I have a part time job and a small business. Neither earns me over that amount but if you add them both together they do.

No - your employer's obligations for a pension are based on your earnings from that job, only. Each job is assessed separately.

But, of course, you can save for your retirement yourself, even if you don't get a contribution from your employer.

jamesd

Check your state pension entitlement. You'll be accruing that while getting child benefit and perhaps when working and not receiving CB, if your pay is high enough.

The basic state pension isn't really a desirable income level so if money allows it would be good to start some other investing for retirement.