help about pension

lmcamoes

Hi,

I am 41 and employed earning 30k, I pay NI and I don't think that I am contributing to any "special" pension scheme.
My wife is self-employed and earning around 9k, she pays NI and she is not contributing to any pension scheme.

What is the best way to save to our future when we retire?

mgdavid

1. ask your employer what they are doing about a pension for staff; it's a legal requirement and must happen within the next year or so, they should know their 'staging date'.
2. do you have an emergency fund of about 6 months basic outgoings? If not, save that first.
Take it from there.

lmcamoes

Thank you

If my employer has any type of pension scheme going on should it be showing on our payslip?

dunstonh

If my employer has any type of pension scheme going on should it be showing on our payslip?

only if you are a member. If you have opted out then you would not be paying into it. So, you cannot rely on payslip. you need to ask the employer.

xylophone

https://www.gov.uk/workplace-pensions
might be worth a read if there is no workplace scheme

Might your employer have a non-contributory scheme? If so, this does not show on the pay slip.

Otherwise, you would expect to see the contribution.

With regard to your wife, she can start a pension of her own.

https://forums.moneysavingexpert.com/discussion/comment/67448918#Comment_67448918

https://forums.moneysavingexpert.com/discussion/comment/67398846#Comment_67398846

lmcamoes

Thank you all.

To start saving like mgdavid sugested what is the best option?

dunstonh

To start saving like mgdavid sugested what is the best option?

First you need to find out if your employer offers a scheme. If they dont they will need to soon. So, finding out when would be useful. That is your starting point.

jem16

lmcamoes wrote: »

Thank you all.

To start saving like mgdavid sugested what is the best option?

If you're talking about his suggestion to have an emergency fund saved, then simply look for the highest interest account and start saving. The highest these days seem to be current accounts.

atush

As for your wife, she can use the services of an IFA to set up a pension for her, or you can open one online with Cavendish online or Hargreves lansdown.

kidmugsy

lmcamoes wrote: »

My wife is self-employed and earning around 9k, she pays NI and she is not contributing to any pension scheme.

What is the best way to save to our future when we retire?

If that is all your wife's income she won't be a payer of income tax. So you can save into interest-bearing current accounts in her name, and get the interest tax-free. Look at TSB, Lloyds, Nationwide and Santander to start with, I suggest.

LHW99

However even if not paying income tax, she can contribute to a PP or SIPP (up to about £7k pa I think, if you had that spare) and receive a payment from HMRC on top.