Stay at home Mom..../Home-maker

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
5 replies 808 views
PinkLadyPinkLady Forumite
669 Posts
Part of the Furniture Combo Breaker
Hi can someone who isn't working pay into a pension scheme at all?
SW: Wk1 (5) Wk2 (2.5) Wk3 - Wk 4 (4) Wk 5 - (1.5) Wk 6 (1) Total off 1 stone!:j


  • EdInvestorEdInvestor
    15.7K Posts
    Hi PinkLady,

    You can. Up to a max of 3600 per year - you contribute 2808 and the Government adds in the rest.
    Trying to keep it simple...;)
  • PinkLadyPinkLady Forumite
    669 Posts
    Part of the Furniture Combo Breaker
    Sorry to be thick - how do I do this? Do I see an FA to open a private pension or stakeholder or do I do anything else.
    Thanks for your reply
    SW: Wk1 (5) Wk2 (2.5) Wk3 - Wk 4 (4) Wk 5 - (1.5) Wk 6 (1) Total off 1 stone!:j
  • DiggingOutDiggingOut Forumite
    770 Posts
    Yes, you can see an IFA or if you know what you want, you can sometimes go direct to a provider like L&G.

    If you don't know what you are doing, I would be inclined to see 2 IFAs. If they recommend different things, ask them why their recommendation is better than the other guy's.
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • dunstonhdunstonh Forumite
    106.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    With stakeholder pensions, you will almost certainly get different recommendations. Charges being much the same on a small contribution will lead to a whole bunch of providers being equal cost.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ReportInvestorReportInvestor Forumite
    3.6K Posts
    IFAs won't want to be bothered with a small stakeholder pension. They are likely to see the whole fact finding process as a waste of their time and yours. And they are probably right. But they would have to go through it in case they missold you a stakeholder - e.g. if your overall retirement income was so low that the stakeholder would do little more than reduce anticipated minimum government retirement benefits.

    Do you have other aspects of your finances that need attention, in order to give both you and an IFA an incentive to proceed?

    As DO suggests, you can go direct. It's surprising what a complicate, unclear process that is, isn't it? Many firms' websites seem to direct you away from Stakeholder pensions. And the government wonders why stakeholder pension sales to individuals are low ;).
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