DH pays HRT and has both a company and a personal pension. I am a self-employed basic rate taxpayer with one very old and now stopped personal pension with a small amount in.
On paper, it makes most financial sense for us to make pension savings in DH's name as the tax we get back is so much more. I know that if we divorced the pensions could be included as part of any settlement.
BUT, still at the back of my mind I can't help wondering if I'm being naive and foolish not to have a pension in my name?? If we set up one for me, it would reduce the amount we could contribute to the current pensions. DH is very clear that he regards the pension savings as 'our' money which we will make decisions about jointly, and use to buy a joint annuity when the time comes.
So just interested really - how does anyone in the same situation handle this??
Have a look at the paperwork for your DH's pension. You'd want it down in black and white what happens if he predeceases you.
Rather than a pension, you could build up savings in your name. You can invest £11,520 in a stocks and shares ISA this year. Although it's taxed money, you don't pay tax on the profit it makes (sort of the reverse of the pension where you put in untaxed money, but pay tax when it pays out). It's not as advantageous tax-wise as a HR taxpayer's pension, but you have more control over it. The government are endlessly changing the rules about pensions and annuities etc.