Best Pension for Housewife

MotherOf3 wrote: »

I am 45 this year. I expect my pension to start in 20 years + whatever the government adds on to retirement age.

dunstonh wrote: »

Your state pension age hasnt been 65 for a long time. It is currently 67 with an expectation of 68.

But you don't have to wait until State Pension Age to take a company or private pension - you decide when you want to do that, currently at any age from 55 upwards.

Firstly, looking at your circumstances, as you asked originally. It seems to me well worth you paying the 2880 net every year, this will be made up to 3600.
If you do that for 20 years (assuming no rule changes) that will give you a pot of 72000, depending on your investmental choices and how well it does. You could leave it in cash if you wanted but that would lose out on inflation.
At the moment you could access this money at 55, and if you are still not working then you could take out nearly 16000 per year with no tax implications.
You need to bear in mind that if you are working in the future then that's not necessarily a good idea!
Also if you are working then you could pay more in.

So if your circumstances change i suggest you could come back here for further advice but for now look to start as above.

Your fund will be safe if you die, you just fill in a nomination form

The other guys will be more help regarding your husbands funds, but in your shoes that is what I would do.

If I'm wrong, the other posters will let you know

Mnd wrote: »

At the moment you could access this money at 55, and if you are still not working then you could take out nearly 16000 per year with no tax implications.

Won't be 55, but state pension age minus 10 - e.g. probably 57 or 58.

One other important thing to remember if you other half is a HRT payer is to make sure you still claim child benefit if you have children under 13/14 (check exact age) as you get state pension credit, even though the money gets deducted back out the HRT payers allowance, you still get the stamp.