Buying national insurance years

eskbanker

Mintyrose said:

We need all his money out of his wage as do most people 

But you were contemplating spending many thousands on buying NI years upfront?  Up to the two of you how you manage your finances obviously, but you may be missing out on opportunities to improve your (joint) situation....

Mintyrose

eskbanker said:

Mintyrose said:

We need all his money out of his wage as do most people 

But you were contemplating spending many thousands on buying NI years upfront?  Up to the two of you how you manage your finances obviously, but you may be missing out on opportunities to improve your (joint) situation....

eskbanker said:

Mintyrose said:

We need all his money out of his wage as do most people 

But you were contemplating spending many thousands on buying NI years upfront?  Up to the two of you how you manage your finances obviously, but you may be missing out on opportunities to improve your (joint) situation....

Yes I think we need a re-think, savings are in premium bonds that’s why I could get money , 

xylophone

We need all his money out of his wage as do most people 

In the sad event of widowhood, no doubt you would be grateful that he had been a member of  MPS?

I knew somebody who refused to join his employer's DB scheme on the basis you cite but who eventually was obliged to join because of legislation.

He died  in service just weeks after his wife reached SPA - her occupational and state pensions were modest.

The widow's pension made all the difference between just managing and reasonable comfort in retirement.

Even if his current employer's workplace scheme is DC, he has the opportunity to name you as beneficiary should he die before taking the pension.

By not joining the workplace pension, in effect he is taking a pay cut because he is not benefiting from the employer's contribution.

He is also losing the benefit of tax relief on his contributions.

Perhaps worth reconsidering his position?

Mintyrose

xylophone said:

he doesn't pay into his workplace pension

And he's panicking about income in retirement?

Why on earth hasn't he joined the workplace pension scheme?

 I have no pension, been looking after him and kids

How about a simple personal pension to which you would contribute £2880 a year and the provider would claim £720 and add it to your pot?

Explanation here

https://www.drewberryinsurance.co.uk/pensions-advice/faqs/i-dont-work-can-i-still-pay-into-a-pension

Perhaps something simple like this offering from Vanguard? 

https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account

The Target Retirement fund might suit.

Or even a stakeholder?

https://static.aviva.io/content/dam/document-library/adviser/pensions/sp01001c.pdf

https://www.standardlife.co.uk/pensions/stakeholder-pension

Thank you for all your help, I’ll have a look at these, I don’t think what little we have is helping in Premium Bonds, waiting for the big win 😂👍