Starting a pension at 37

My partner doesn't have a pension. I've been on at her for years about it, but up until 4 years ago she was temping-and-travelling, and then we had kids, so she's not working. Now she's got her feet a bit more on the ground (must be the kids), and she wants to get a pension arranged when she starts working again. What does she need to take into account, given her advanced years? She could be working as a physiotherapist, in which case I assume the NHS occupational pension would be good (I believe it's final salary), with AVCs to get her years up. Alternatively she could be self employed, in which case I have no idea what she should do!

Thanks, and apologies if my first post has been answered before.

Replies

  • isasmurfisasmurf Forumite
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    Hi Cassini. Welcome to MSE. :)

    Can't offer much help but if your wife goes into the NHS, I certainly would suggest the NHS scheme, but I'd look at purchasing added years rather than going down the AVC route.
    If she goes self-employed than a Stakeholder Pension would be the obvious route. If you go down this route why not start now? Even if you put the minimum £20/month your wife has made a start, and you'd probably avoid the likely 0.5% increase in charges from next April.
  • PalPal Forumite
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    Hi Cassini.  Welcome to MSE. :)

    Can't offer much help but if your wife goes into the NHS, I certainly would suggest the NHS scheme, but I'd look at purchasing added years rather than going down the AVC route.

    Just to clarify, the option is to pay AVCs in order to purchase added years - they are not two seperate options.  There may be an option to pay AVCs and invest them on a money purchase basis.  Which is higher risk but might result in a higher pension.  Probably best off discussing with an IFA.
  • DiggingOutDiggingOut Forumite
    770 Posts
    But no need to go to an IFA until she knows whether she will be employed or self-employed.
    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
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    In the meantime, it its a good idea to put funds aside into a building society account each month pending the outcome. Once the final outcome is known, a lump sum contribution could be made from the money saved in the b/society.
    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.
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