Pension queries for part-time worker with gaps in employment

overload99

I am useless when it comes to pension so I’m hoping somebody can answer some questions for me.

I have had pensions in the past (4 in total from different jobs) but then I took an 8 year career break to look after my children when they were little so I don’t think there’s much money in any of my pension pots.

I’ll be 47 next month and now work part-time earning £8502 a year (£708.50 monthly). I don’t currently have a private pension.

Firstly, if I set up a new private pension, does my employer have to contribute?

Secondly, as my existing pensions aren’t very big, should I consider consolidating them?

Finally, if I were to die before reaching pension age, would my husband and children receive my pension money or would it go into a black hole?

Any advice would be greatly appreciated, many thanks.

Marcon

ruthieb77 said:

I’ll be 47 next month and now work part-time earning £8502 a year (£708.50 monthly). I don’t currently have a private pension.

Firstly, if I set up a new private pension, does my employer have to contribute?

If you set up a private pension, your employer doesn't have to contribute - BUT if you ask to join their 'auto enrolment' pension scheme, given your age and earnings, they must enrol you and pay employer contributions if you pay employee contributions. Contact them and ask for more information/say you'd like to join.

ruthieb77 said:

Secondly, as my existing pensions aren’t very big, should I consider consolidating them?

Finally, if I were to die before reaching pension age, would my husband and children receive my pension money or would it go into a black hole?

You need to find out what type of pensions you've got - defined benefit (aka final salary/CARE) or defined contribution. Time to get out the paperwork!

Consolidating - for helpful info, see https://www.which.co.uk/money/pensions-and-retirement/personal-pensions/should-i-combine-my-pensions-aroqs0W26VOR

No, it wouldn't go into a black hole - but what would happens depends on the type of scheme.

overload99

Thank you. That's very helpful.

Yorkie1

Also check your state pension forecast:
https://www.gov.uk/check-state-pension