No pension

chrissyr60

Hi, this is my first posting so not sure if I am doing this right but my query is: Regretfully, i am without any pension plan whatsoever having opted out when starting my latest employment 6 years ago, this was mainly due to not able to afford it and also not really trusting pension schemes. Also, previous jobs had no pension schemes. I will be 53 this year and wondering if it is too late to be worthwhile my starting a pension? My husband has an excellent pension but that is obviously his and not mine. Can anyone advise please? Thank you

atush

Is is possible your employer will allow you to join now? Is there an employers contribution?

At more than 10 years to go before retirement, there is time to build up some pension contributions. Even if just to use up some of your personal allowance in retirement.

Do you have a mtg? any savings/invesments? Isas?

rabbitmumu

It's impossible to answer your question without knowing the following:

1. As atush says above - do your job offer you a choice of enrolling into your company pension scheme? If yes, then does the employer contribute and pay for fees (if it's a defined contribution).

2. How much can you contribute each month? - if it's too little and your company's scheme doesn't pay for the fees, then you might be better off saving in an ISA/ other savings/

3. most importantly, when are you going to retire? if it's age 55/ 60, and you don't contribute much, then same as above you might be better off saving the money.

4. Your other savings

5. Your husband's pension is good .. which is good news. bearing in mind there's pensions sharing on divorce so touch-wood you would be able to share his pensions if anything bad happened.

atush

2. How much can you contribute each month? - if it's too little and your company's scheme doesn't pay for the fees, then you might be better off saving in an ISA/ other savings/

True, but bear in mind 2/3 things.

First, all employers will have to contribute soon, so ask your employer when (could be this year).

second, if they dont, you don't have to contribute into theirs- you can open your own personal pension. which could be cheaper and have better choice.

and dont forget you will get tax relief at your highest rate, which can make pensions better in many cases than equiv Isas (although in MHO you should have both).