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Pension - all in husbands name

(5 Posts)
Bodicea Thu 15-Sep-16 20:39:10

I work two days a week and have a small work pension. My dh is a high rate tax payer so puts a lot of our money ( well his earned money but we have joint account) into his pension because of the tax benefits.
I am not comfortable with everything being in his name but as a family I know we are better off doing that. Assuming everything stays hunky dory with us its fine but I feel vulnerable and want more in my own name or another type of saving such as the new LISA. Am I being silly. I know it's supposed to be 50/50 if you split but still....
I should add we have a very loving and happy relationship but I have always believed in planning for the best but preparing for the worst.
Any thoughts?

JoJoSM2 Sun 09-Oct-16 19:01:19

It's a similar situation in my relationship but it hasn't even crossed my mind to try to have more of his hard earned money in my name. However, I work part-time by choice. Don't know what your situation is but if you have small children, presumably it's temporary and soon enough you'll be working more and saving for your pension again. In the greater scheme of things, even if you're part time for 5 years out of 40+ in your working life, the difference isn't that massive. And with your husband currently earning a lot, surely you can appreciate the financial contribution that he's making.

Lokisglowstickofdestiny Sun 09-Oct-16 19:05:54

You'd still get tax relief at the basic rate for your own pension contributions, so although yes at the moment it's more tax efficient for him to make the contributions, particularly if he will be a basic rate tax payer in retirement, there is no reason why you can't top your own pension up. If you did divorce, pensions are considered within the settlement. There has been much talk about removing the tax relief advantages for higher rate tax payers those in favour of a flat rate, in which case it won't matter who makes the contribution.

clerquin Thu 13-Oct-16 06:45:35

What's stopping you putting more into your pension using joint household income now rather than waiting until next April for the LISA to commence. Have the finance conversation, it shouldn't be hard to make a sensible decision which benefits you both and spreads the financial risk. i.e having many eggs in the basket!

dontcallmethatyoucunt Sun 30-Oct-16 21:28:20

If you split then it's 50/50 on the pensions, it's better to grab the tax back on his salary. But, is he clear this is family financial planning and not 'his' pension? I would advise clients to do this, but I always stress they are joint savings held in one of their names.

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