Should I be paying into a pension fund now?

luby-lou

Hi - back with SL info now.

Me
Property One : 25%
Ethical One: 25%
Managed One: 25%
European One: 25%

This was originally set up through work with them contributing as well as me approx. July 2001 and I finished paying into it when I left the company in January 2002. Didn't end up starting up payments again as by then was pregnant with our first baby and money has since been tight.

Hubby

With Profits One: 100%

This was set up directly with Standard Life with an advisor that came to our house. Just went with them as Father in law has his with them. Don't know how long it was running for before we stopped payments - a couple of years at the most.

We had our 'lightbulb moment' in August 2005 and have paid off about £7000 of debt since then so the plan is not to borrow more money unless absolutely essential (obviously you can't predict the future), and the pension is a priority as soon as we can afford it. In a couple of years my earning potential will be greater as our youngest is only 14 months so when she's at school I will work more hours and won't be on such a rubbish wage!

I think I am now reasonably knowledgable about mortgages, insurance, etc, but pensions just baffle me completely!! Don't even know what I would be entitled to from the state! Currently I work 12 hours per week and don't pay tax or NIC but have done for 10 years up to July 2006.

All info much appreciated!