How to best correct an imbalance between 2 partners pensions using savings/investment

stoozie1

I have posted this here as I suspect the answer lies in investments.

My OH wants us to have an annual income in retirement of 35k.

He is not on track to achieve this in his DB (NHS) scheme.

His number is, I feel artificially high, because he is trying to provide for me in the event he predeceases me.

As a non-taxpayer with v small current provision, what is my best strategy to 'rebalance' us so that the burden is not on him?

(I currently have deferred benefits of £2500 annual, £4900 LS indexed, and a SIPP with a current value of £3600, which I intend to supplement with £2880 each year going forward.

What else should I consider? He is 41, I am 43, so we have time to correct this.

Many thanks

xylophone

I am 43, so we have time to correct this.

You will be returning to work when your children are older?

You are each on track for a full New State Pension?

https://yourstatepension.campaign.gov.uk/?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY

You had considered stocks and shares ISAs?

stoozie1

Yes. I'm working now and will continue, just unlikely to become a tax payer.

We are both on track for full years of SP but were contracted out for some years.

I think by the time we get there sra will be considerably higher?

Yes I am trying to learn about stocks and shares now to know how to invest.

xylophone

Yes. I'm working now and will continue, just unlikely to become a tax payer.

You are aware that even if you are not a tax payer, provided that your gross earnings are above £3600, you can contribute more than the minimum to your SIPP and receive tax relief?

For example, if your gross relevant earnings in the tax year were £10,000, you could contribute £8000 to your SIPP and receive tax relief of
£2000.

However you have still to choose the investments.

stoozie1

yes. I think maybe I'm trying to force myself into an uncomfortable product for me and am procrastinating.

Thank you. When my earnings are sufficient I will do so.

kidmugsy

There exist S&S ISAs, and personal pensions, that don't require you to choose investments because they put your money into With Profits schemes. It's rather an old-fashioned way to invest but it might suit you until you are more confident in your competence as an investor.