Stay at home mum pension provision

audreyjmc

Hi! I'm new here so please be gentle

I am 39 and have recently given up work to look after my 2 children. I don't have a good pension savings plan, save for 3 old employer pensions worth approx £57k. I am not very pension savvy and find it quite confusing! My husband has a decent employer pension which he's been paying for about 5 years, but I'd really like to keep some saving of my own, just in case. I'm a bit bamboozled by all the choices and don't have a lot to invest. I'm thinking maybe about £50 a month for now, until my situation changes and I hopefully get a new job in the future.

Would a cash LISA be a good option for me just now? If I open a cash LISA now, i.e. this tax year, could I open a stocks and shares one in April, as I'm aware I'm running out of time, but would potentially like both options?

Thanks!

Dox

If you've not already done so, have a look at https://www.moneysavingexpert.com/banking/?_ga=2.161292857.52898918.1543010060-353475065.1523260899

A good place to start!

audreyjmc

thank you! I have read all the guides, but most are geared towards those who are working.

I *think* a LISA will be a good option for me, but not sure if I'm missing something!

xylophone

Or with this modest contribution, you might consider a stakeholder.

https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/aviva/

You have no relevant earnings but you could pay up to a net £2880 per tax year into a pension and the provider will claim tax relief of £720 and add it to your pot.

When you return to employment it could be possible to transfer the stakeholder to your new employer's scheme.

michaels

If your DH is a higher rate taxpayer then for the household it works better if he makes the contributions from his salary. I think you are probably protected by divorce laws if it ever comes to that.

molerat

Are you claiming child benefit in your name to get the NI credits ?

audreyjmc

molerat wrote: »

Are you claiming child benefit in your name to get the NI credits ?

yes, got all that sorted. thanks