Pension questions

atush

Farside wrote: »

Looks like when i die my new state pension cannot be given to my wife, so she will have nothing, no money at all? I do not retire until 2048, for a spouse to get my pension i needed to have retired by 6th April 2016? Is this correct.

She can inherit your private and occupational pensions.

Why isnt she working? Do you have small children? if she gets Child beneift payments, she is getting nics. Otherwise, have her get a job.

atush

Farside wrote: »

no savings as i dont earn much, i can barely cover the monrhly bills due to my wife not working, she can only do part time as we have a young son, so she has to be able to take and collect from school. I have a work pension but i only just started it after reading online that the government changed the rules so now my pension cannot go to my wife. I cannot put much into the work pension as i dont earn enough.

Is the CB in her name? If not, make it so. She gets Nics for that. when he is 12, she should go back to work. If money is tight, she should get a PT job now and contribute to the household. Where do you work? What is the pension provsion there?

Farside

Inheriting my private pension won't give her much maybe £20 a week at best. I have only just stated it. I can only afford to put in a minute amount each month, plus my employer puts in 1%

She's been trying to look for work for years but cannot get anything part time, all the jobs that have been available are shift work which she can't do as she has to look after our young son.

CB is in my name as i pay all the bills via direct debit, it's easier that way as everything is then all set for me to pay everything ontime so i don't miss any payments and end up in the red.

I didn't even realise you got Nics with CB, not until the lady at jobcentre told my wife last week. She has applied for job seekers now anyway so will get Nics that way, she won't get any money but at least she'll get Nics and help finding a job.

AlanP_2

Have you transferred the allowbale portion of your wife's tax allowance across to you as she is not using it?

Think it's £1k a year so could save you £200 on tax each year.

Farside

Yes i did that a few months back as someone at work told me about that and the bit i can get for work uniform cleaning too

molerat

If you don't need them
https://www.gov.uk/government/publications/national-insurance-credits-for-parents-and-carers-cf411a

Asghar

Farside wrote: »

CB is in my name as i pay all the bills via direct debit, it's easier that way as everything is then all set for me to pay everything ontime so i don't miss any payments and end up in the red.

Why oh why is the Child Benefit in your name. It should be in the name of the person who is not working. You get National Insurance Credits up to the child's 12th Birthday, so that's a potential 12 years worth going towards her state pension.
It's there for say at home parents with kids to get something towards their state pension and don't lose out.

I would cancel it from your name and apply in hers and transfer the money over to your account to pay bills if needed.

xylophone

Have you (and she) obtained new state pension forecasts?

https://www.gov.uk/check-state-pension

Does she have any pension rights from her country of origin?

cloud_dog

Farside wrote: »

no savings as i dont earn much, i can barely cover the monrhly bills due to my wife not working, she can only do part time as we have a young son, so she has to be able to take and collect from school.

When our DD was born we decided that my wife would not go back to work. When our daughter started school she was able to get a part-time job. Her job also had to coincide with school term/times. She got a job as a lunchtime supervisor (dinner lady in old speak). Our school are always looking to recruit LT supervisors. Then she had the opportunity to become a teaching assistant (still part-time) but, all of this was done to work around our DD. We were fortunate enough to be able to choose to do this and I am fortunate enough that my wife chose to sacrifice her job prospects/earnings to make it work.

There's no reason (unless for medical conditions) why your wife cannot find a suitable part-time job to help.

LHW99

Could the account you pay the bills from be put into your joint names?
Then she could have the child benefit paid in her name, but still have it go into the joint account.