Pension for wife (non-earner) help please!

beanie414

Thanks for all the very helpful information.

I will be waiting until the March budget to do anything then. My wife will call up to find out how much she would need to contribute to get the extra year.

gadgetmind wrote: »

Yes, I got it from a chap who registered as a self employed Sage/Poet after being forced to retire from manufacturing LSD. (This is actually true!)


The rules may well change in future and she'll have to complete a tax return every year. The different employment situation may change car insurance but my wife's role actually made it cheaper than "Housewife".

Lol. Very interesting!:)

atush

I will be waiting until the March budget to do anything then. My wife will call up to find out how much she would need to contribute to get the extra year.

Dont wait and not 'do anything'.

I would go so far to say, open a pension, and decide what investments you will be putting in it. Then put in what you need/want to after the budget.

If you wait, you'll be scrambling to decide what and where and how in time before the 5th.

beanie414

atush wrote: »

Dont wait and not 'do anything'.

I would go so far to say, open a pension, and decide what investments you will be putting in it. Then put in what you need/want to after the budget.

If you wait, you'll be scrambling to decide what and where and how in time before the 5th.

Sorry, wasn't ignoring you, just didn't go on MSE this weekend.:) We haven't got the money yet (until the interest on FD account goes in) so I wasn't sure if you can open the pension before you had money to put in? We will plan before the budget but we have to do some more reading I think.

My wife had read about personal pensions before, she mentioned Hargreaves Landsdown and Cavendish and Charles Stanley. One was a SIPP which I'm not sure is the right thing she needs?

She saved a page on MSE where someone was talking about what they did for a personal pension. I will have to double check with her but I thought she said she could do it with three different Vanguard funds.

My wife is calling up this week about the voluntary contributions to see what they say and how much it would be to add years.

We definitely think the idea of her becoming self employed would be something we would consider. We hadn't even thought of that as an option but we will probably contribute ourselves for the gap in 2015/2016 and then try and register her as self employed after April.