Pension for female in 40s?

Altior

Yes I don't see a great deal to gain for the OP out of locking away funds in a pension. It depends upon the OP's circumstances, but if they have means to contribute to a SIPP, I'd be more inclined toward to utilising Help to Save, if they are eligible. And potentiality pay into a SIPP in the few years before they can access the funds. 

honeybee1234

xylophone said:

No, they weren't Defined Benefit schemes. 

Just Defined Contribution with no safeguarded benefits?

Are you receiving annual statements in respect of these schemes?

Now I don't know whether they have safeguarded benefits. What are these exactly?

I don't receive annual statements for any. I had a login for my Legal and General one so I've been trying to dig out my details to have a look. 

honeybee1234

Albermarle said:

NedS said:

MX5huggy said:

I would be wary of saving in a pension in your position, you could just be saving the state paying pension credit or other benefits once you receive your state pension. 24 plus years away and things will change but I would look at existing rules for guidance. Maybe ask on the benefits board. 

I completely understand this point of view, but I would want to know I had some sort of financial control rather than being totally dependent upon handouts from the state, and at the whim of any rule changes between now and when they reach state retirement age. We have all seen how the rules are constantly shifting, generally not in our favour.

Even a small amount of pension may allow the OP some income to retire earlier than state pension age, which may be 70 by then!

I fully understand your point of view as well. However as the OP is a renter, she would potentially be eligible for housing benefit, (maybe already is) and income from a pension (or notional income if you were not actually taking it) would be taken into account and potentially reduce housing benefit, amongst others. On the other hand I think you are allowed up to £16K in savings before means tested benefits are affected. So the OP maybe better off just trying to build up a savings pot, as she has no savings at all this would be a good idea anyway to help with day to day emergencies ( new cooker etc )
The three existing pensions could just be merged and taken later. Probably they will not be big enough to have a significant effect on benefits.

OP - it is a complicated area and as previously suggested you can ask some of these questions on the benefits forum where there are some experts in this area.Benefits & tax credits — MoneySavingExpert Forum

I'm on Universal Credit, savings up to 6k are disregarded, between 6k and 16k you get deductions, and over 16k you are no longer eligible. PIP isn't means tested.

I very much doubt my three existing pensions would affect anything. I will go over to the benefits board and see what I can find out, thanks. 

honeybee1234

Altior said:

How does one retire early if not working.

I'm in a position where I don't know what the future holds regarding my health. So it's good to cover my bases. 

xylophone

safeguarded benefits.

https://www.reassure.co.uk/pensions/safeguarded-benefits/

You say that you are not receiving any information about the pension administered by Equiniti or about the (I assume) Asda Pension Plan.

What is the name of the Scheme administered by Equiniti?

How long were you a member?

And Asda?

Is the Legal and General pension still open for contributions?

honeybee1234

Altior said:

Yes I don't see a great deal to gain for the OP out of locking away funds in a pension. It depends upon the OP's circumstances, but if they have means to contribute to a SIPP, I'd be more inclined toward to utilising Help to Save, if they are eligible. And potentiality pay into a SIPP in the few years before they can access the funds. 

Unfortunately I'm not eligible for a Help to Save as I don't work. Can I ask why pay into a SIPP a few years before I can access the funds? 

Altior

honeybee1234 said:

Altior said:

How does one retire early if not working.

I'm in a position where I don't know what the future holds regarding my health. So it's good to cover my bases. 

That's true, but if you start working again it's relatively easy to put reserves into a pension, it doesn't need to be via a workplace pension. The important element is to have the reserves. 

honeybee1234 said:

Altior said:

Yes I don't see a great deal to gain for the OP out of locking away funds in a pension. It depends upon the OP's circumstances, but if they have means to contribute to a SIPP, I'd be more inclined toward to utilising Help to Save, if they are eligible. And potentiality pay into a SIPP in the few years before they can access the funds. 

Unfortunately I'm not eligible for a Help to Save as I don't work. Can I ask why pay into a SIPP a few years before I can access the funds? 

As I mentioned to another poster, it depends up your personal circumstances. However, the last thing you want to do is have funds locked away in a pension wrapper if you need to access them. You can hold the funds in a S&S ISA for example, and then move them into a SIPP, invested in the same funds over time. Difference being that you can access the ISA in an emergency. As you approach the age that you can access the pension funds (57/58), begin putting £2880 annually into the SIPP, with a view to having it all in the pension once you can access it and are not concerned about MPAA. 

If you do have employment again, the strategy can be re-assessed. The overall pension legislation could change, but there's no value in trying to second guess what that might or might not affect, we need to work with the rules and the intended legislation as it stands.

honeybee1234

xylophone said:

safeguarded benefits.

https://www.reassure.co.uk/pensions/safeguarded-benefits/

You say that you are not receiving any information about the pension administered by Equiniti or about the (I assume) Asda Pension Plan.

What is the name of the Scheme administered by Equiniti?

How long were you a member?

And Asda?

Is the Legal and General pension still open for contributions?

I don't know any of the details of the Equiniti scheme. I was a member for around 2 or 3 years-ish. I do have some paperwork somewhere, I'll have a look. 

Asda is the same, around 3 years. I think it's the Asda pension plan but I don't recall having any paperwork, this was a good 25 years ago.

I'm not sure if the Legal and General one is still open for contributions. Not managed to log in, not sure if I still can but I'm just having a go now. Thanks for the input so far, I appreciate your help!

honeybee1234

Altior said:

honeybee1234 said:

Altior said:

How does one retire early if not working.

I'm in a position where I don't know what the future holds regarding my health. So it's good to cover my bases. 

That's true, but if you start working again it's relatively easy to put reserves into a pension, it doesn't need to be via a workplace pension. The important element is to have the reserves. 

honeybee1234 said:

Altior said:

Yes I don't see a great deal to gain for the OP out of locking away funds in a pension. It depends upon the OP's circumstances, but if they have means to contribute to a SIPP, I'd be more inclined toward to utilising Help to Save, if they are eligible. And potentiality pay into a SIPP in the few years before they can access the funds. 

Unfortunately I'm not eligible for a Help to Save as I don't work. Can I ask why pay into a SIPP a few years before I can access the funds? 

As I mentioned to another poster, it depends up your personal circumstances. However, the last thing you want to do is have funds locked away in a pension wrapper if you need to access them. You can hold the funds in a S&S ISA for example, and then move them into a SIPP, invested in the same funds over time. Difference being that you can access the ISA in an emergency. As you approach the age that you can access the pension funds (57/58), begin putting £2880 annually into the SIPP, with a view to having it all in the pension once you can access it and are not concerned about MPAA. 

If you do have employment again, the strategy can be re-assessed. The overall pension legislation could change, but there's no value in trying to second guess what that might or might not affect, we need to work with the rules and the intended legislation as it stands.

Ahhh I get you. This makes sense. I've made a mental note of this. Thankyou for your input, I appreciate it. 

xylophone

Asda is the same, around 3 years. I think it's the Asda pension plan but I don't recall having any paperwork, this was a good 25 years ago.

But wasn't the Asda pension a DB pension pre 2010?

And are you sure that the Equiniti plan wasn't DB?

Have you checked carefully that there is no COPE on your state pension statement?

https://www.gov.uk/find-pension-contact-details

https://www.gov.uk/guidance/hmrc-subject-access-request