40 year old wondering about pension

BOBS

Hi - I am an almost 40 year mum of 3.

I worked as PAYE until my 2nd child was born. Then didnt work for 3 years and subsequently became self employed - which i have been now for 8 years. I pay NI at the £12 ish a month rate.

Is the above enough to cover me for state retirement pension or do I need to do anythings else.

I dont pay into any other pension scheme - while I was working I paid into NHS Superannuation scheme - so probably about 8 years or so of that lying somewhere ....


Many thanks for your help

Stochasticity

You'll get credits towards the basic state pension for National Insurance for all years in which you have paid Class 1 and Class 2/4 national insurance and all years spent at home looking after children aged up to 12. So you should already have about 19 years.

From 2017 onwards, you'll need 35 years of National Insurance credits to get the full State Pension. You have until state pension age to get the rest. As you're 40, you should have plenty of time to get there.

You will probably want to look at making private pension provision, especially as you're self-employed. The full State Pension will only be worth about £7k a year in today's terms.

xylophone

Your deferred NHS pension will help with your retirement provision.

http://www.nhsbsa.nhs.uk/1083.aspx
You know I am sure that it is inflation protected.

https://www.gov.uk/state-pension-statement re state pension.
http://www.thisismoney.co.uk/money/pensions/article-2262134/Flat-rate-state-pension-changes-explained-Winners-losers.html

In addition to the above you can consider starting a personal pension.
http://www.cavendishonline.co.uk/pensions/pension-guidance/ might be worth a browse.