Which pension at 49?

kappachino10

Hi

My OH does not have a pension but wants to begin one (better late than never, right?). He earns approx 28000 gross pa and despite having looked, the pensions sector seems like a minefield and is so confusing to us Does anyone have any advice at all please? We are looking for something which would generate a small income to 'top up' my NHS pension, due in 6 years when I'm 50 and our state pensions at a later date.

Thank you in advance!

Karen

AlanP_2

Before we start with suggestions, a couple of queries:

Is he employed or self-employed?

Does his employer (if there is one) offer a scheme?

Any other pension pots from previous employers that may have been forgotten about?

How much COULD you afford to pay into the pension allowing for mortgage, rent, groceries, bills etc.?

atush

Basically, the very best pension is the one someone is paying in money for you ie an employers scheme. We call this 'Free Money' so take it.

Then, if you need to open a personal pension, you either employ an IFA, or you DIY thru someone like cavendish online.

kappachino10

Thank you both for replying

He has two minimal pensions he paid into for very short periods almost 30 years ago and is looking into those at the moment. He is employed, but his employers don't currently have a pension scheme We are looking at no more than 50-100 pcm as things are expecially tight as I'm sure they are for everyone....

Thanks again

Karen

atush

How many employees at his work? what is their 'staging date'? All employers incl his will have to set up a pension for their employees very soon, it is law.

Int he mean time, look at cavendish online, for a pension that takes 50-100 per month, and can invest in the vanguard series of funds.

AlanP_2

Have a look here to see when your OHs employer is scheduled to introduce a scheme

https://www.gov.uk/workplace-pensions

xylophone

He is employed, but his employers don't currently have a pension scheme

https://www.gov.uk/workplace-pensions

"A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:

are aged between 22 and State Pension age
earn more than £10,000 a year
work in the UK
This is called ‘automatic enrolment’.

Check if the new law applies to you and when you may be enrolled into your employer’s scheme."

What is his employer's staging date?

He has two minimal pensions he paid into for very short periods almost 30 years ago and is looking into those at the moment

What kind of pensions were these?

https://www.gov.uk/new-state-pension/overview

You will be able to obtain a new rules statement after April 2016.

http://www.moneywise.co.uk/pensions/managing-your-pension/the-best-pension-providers-2014

The above might be worth a look.

MoneyWorry

How old is your OH? I'd agree more than anyone that things are tight, but depending on age, between 50 and 100 per month seems a bit small on £28000 pa.

Do you have lots of other income streams.......ISA's etc

Apologies....,it was in your heading.....49

JohnB47

xylophone wrote: »

https://www.gov.uk/workplace-pensions

"A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:

are aged between 22 and State Pension age
earn more than £10,000 a year
work in the UK
This is called ‘automatic enrolment’.

Check if the new law applies to you and when you may be enrolled into your employer’s scheme."

What is his employer's staging date?



What kind of pensions were these?

https://www.gov.uk/new-state-pension/overview

You will be able to obtain a new rules statement after April 2016.

http://www.moneywise.co.uk/pensions/managing-your-pension/the-best-pension-providers-2014

The above might be worth a look.

The new law is very well intentioned but there are no meaningful safeguards against an employer 'persuading' employees to opt out, or else they can kiss goodbye to any future pay rises.

gadgetmind

JohnB47 wrote: »

there are no meaningful safeguards against an employer 'persuading' employees to opt out

Well, the good employees would go elsewhere, leaving the employer with the dregs, and a huge recruiting problem given the current job market.

kidmugsy

gadgetmind wrote: »

Well, the good employees would go elsewhere, leaving the employer with the dregs, and a huge recruiting problem given the current job market.

You presumably know that some people just can't get their heads around the idea of a market. Odd, isn't it?