Stay at home mum really out of the loop! Help!!!

FourJays

Have been a SAHM for 6 years now. I do tiny little bits of p/t self employed work. Just started so I'm earning nothing.

I haven't paid into a pension for 7 years and as I'm approaching 40 I'm beginning to get a bit panicky. I'd like to start a pension but I haven't got a clue what I'm doing.

seven-day-weekend

If you are receiving Child Benefit, you will be awarded Home Responsibilities Protection or credits toward your State Pension, for a maximum of (I think) twelve years. So this is being protected.

As for other pensions, I think you can pay into a Stakeholder, but others will be along soon who know more of this.

krisskross

You don't have that long. Perhaps you could think about employment that will pay NI. As you already have 12 years home responsibilities and presumably some years contributions before you had children you could find you won't need many more years to get the State retirement pension in your own right. At the moment this is about £90 a week so not to be sniffed at.

dunstonh

You can pay into personal, stakeholder or SIPP. SIPP is for experienced investors wanting direct investment. Stakeholder is a simple product with limited investment options and personal pension is the option in between.