Pension for a stay at home mum

Rollinghills

I have been a stay at home mum for 2.5 years. Prior to that I had a well paid job and I will go back to work sooner or later depending on whether we have another child or not. We have never claimed any benefits like child's benefit as my husband earns a high salary. I was never on maternity pay as I was made redundant before pregnancy.

I have read that stay at home mums will receive a full state pension when they retire. But do I have to let anyone know that I am a stay at home mum? Does anyone know how it works? As far as HRMC know I'm just not working, should I someone report that I am a stay at home mother since the birth of our child?

Also, as a non tax payer at the moment is there any advantage in putting money into a private pension for me as opposed to saving in ISAs etc?

KrytenIceCubeHead

Hi Rollinghills. You will get more advice on the Pensions & Annuities Board, over here : http://forums.moneysavingexpert.com/forumdisplay.php?f=19

Good luck with your pension planning.

Rollinghills

Oh thanks, great, I didn't realise there was one!

organic_wanabe

It used to be that if you had a child you automatically got an NI credit along with Child Benefit. Not sure how it works now - presumably if your DH is a high earner you will no longer qualify for Child Benefit!

http://www.nidirect.gov.uk/changes-to-state-pensions-for-parents-and-carers

xylophone

Not sure how it works now - presumably if your DH is a high earner you will no longer qualify for Child Benefit!

No.

https://www.gov.uk/child-benefit/eligibility

"You’ll still be eligible for Child Benefit even if you choose to stop receiving it because you or your partner has an income over £50,000. Stopping your Child Benefit payments does not affect your entitlement - you can always change your mind and restart them."

But the OP's husband might wish to consider making payments to his pension so as to restore the CA.

http://www.legalandgeneral.com/advisercentre/pensions/our-products/pension-calculators/child-benefit-calculator/

Rollinghills

xylophone wrote: »

No.

https://www.gov.uk/child-benefit/eligibility

"You’ll still be eligible for Child Benefit even if you choose to stop receiving it because you or your partner has an income over £50,000. Stopping your Child Benefit payments does not affect your entitlement - you can always change your mind and restart them."

But the OP's husband might wish to consider making payments to his pension so as to restore the CA.

http://www.legalandgeneral.com/advisercentre/pensions/our-products/pension-calculators/child-benefit-calculator/

Thanks! I saw this myself, I totally wasn't aware of it. So I am eligible, just choosing not to receive it! I think I need to call HRMC because they are not aware I have a child! Hopefully they can sort it out retrospectively as our daughter is already 2.5 years old.

I've worked in financial services but feel so out of my debth with tax/ benefits / pensions, I need to educate myself a bit!!!

Thanks for the L&G calculator. My husband earns 100k gross and has paid 30% into his pension, don't think it's enough to make use eligible but I will double check.

It's been very helpful thank you, I'm glad I asked!

jem16

Rollinghills wrote: »

My husband earns 100k gross and has paid 30% into his pension, don't think it's enough to make use eligible but I will double check.

As has been said on your other thread, you are eligible and should claim as this is what will get you the credits.

You can choose not to receive it as it would be clawed back anyway with your husband's income level but that won't make any difference to your eligibility.

Rollinghills

jem16 wrote: »

As has been said on your other thread, you are eligible and should claim as this is what will get you the credits.

You can choose not to receive it as it would be clawed back anyway with your husband's income level but that won't make any difference to your eligibility.

Now I understand. I've been so silly, missing out on 2 years worth of credits and also 2 months of the actual child benefit we could have claimed in 2012. I will do it asap. It had not crossed my mind to claim for something I wasn't going to receive but now I get it, thanks all for help.