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Housewife with Pension questions - HELP!
JLC
Posts: 2 Newbie
I opted out of SERPS (with the Pru) when I was 18 and working full time, at 20 I entered a staff pension scheme (The Telegraph), I stopped working at 27 to have a family, never went back to work and don't intend to, I am 39 now. Each pension is currently worth about £20k. Am I correct in thinking I get a basic state pension PLUS a second pension from the Pru and an additonal one from The Telegraph? Will I need two annuities when I retire? I am not topping-up any pensions. Anyone in a similar situation that can advise me?
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Comments
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You need to pay or be credited with thirty years of NI Contributions to get the basic State Pension. However, if you are not working (or working for only a few hours) and receiving child benefit or carers' allowance, then you will be credited under the Home Responsibilities Protection for up to (I think) twelve years. So if this and what you have paid through working together come to thirty years, you will get your full State Pension.
You will also have a pension from each of your former employers, but whether you have to buy annuities or not depends on the type of pension scheme it is.
People will be around later who know a little more!
Hope this helps.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Am I correct in thinking I get a basic state pension PLUS a second pension from the Pru and an additonal one from The Telegraph?
Based on the current set up of your pensions yes.
The only other alternative is to transfer your pensions (except for the Basic State Pension) all into one scheme. That may or may not be a good idea depending on the type of pension you have with the Telgraph, relative performance of the pensions, charges etc.I have worked for 5 years as a Pension Administrator and then a further year in a non-administrator pension role. I am not (and never have been) an adviser. Do not take anything I say as advice, it is information given on the best of my knowledge.0 -
Was the Telegraph pension a final salary scheme?If so, you will not need an annuity, they will pay you the money direct.The amount you get will be increased by inflation or 5% every year until you retire.Trying to keep it simple...
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