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Crappy pension, any decent alternatives?

(15 Posts)
ruddygreattiger Fri 27-May-16 15:15:09

Hi all, bit of background:
Been paying into a pension (Scottish Widows) for the past 10 years, started when I was 34 which I know is far too late really. I was paying in a paltry £25 per month which was all I could afford at the time (just had dc) but increased it to £50 a month nearly 3 years ago.
This morning I had my pension statement which says my total current pension fund is currently worth £4,850 which gives me a crappy forecasted yearly pension of £138!!! To say I am gutted is an understatement!
I have been self-employed for the past 15 years which fits around kids/family etc but my income was/is pretty low from this so I have just had to start a second job to up my income. I am so angry with myself for a potentially bleak retirement when I am struggling to make ends meet each month and the little I do manage to put away looks like a waste of time!
My husband works and is on a very good wage but all our finances are separate and he is not happy to support me during retirement.

What I really want to know if it is worth me just upping my pension contributions and hope for the best or maybe open an ISA?

KittiesInsane Fri 27-May-16 15:18:34

Divorce the bugger, then he'll bloody have to cough up his pension. Did he not notice the bit about sharing his worldly goods?

IceMaiden73 Fri 27-May-16 15:19:35

You need to book an appointment with a financial advisor and speak to someone about it properly

Why is your husband not happy to support you during retirement when you have stayed at home to look after his kids?

MaliceInWonderland78 Fri 27-May-16 15:20:07

Divorce your husband immediately prior to retirement - his pension will be shared - he'll have no choice but to 'support' you.

theredjellybean Fri 27-May-16 15:20:49

another one questioning why your husband would not be happy to support you in retirement ???

Fyaral Fri 27-May-16 15:22:54

Husband is a cock. Yy to divorcing him just at retirement. He'll have to cough up then.

Canyouforgiveher Fri 27-May-16 15:26:10

you are taking a second job and feeling worried about your pension when your husband is happy and calm knowing he is all set.

How is he planning on not sharing his pension by the way? Will he divorce you if you can't pay your half of the bills? Will he just let you go hungry? Will he swan off on a holiday leaving you still working 2 jobs at the age of 70.

Yes you need to save as much as you can right now and a financial advisor is a good idea. you might also want to do a review of what your husband is actually bringing to the table.

ruddygreattiger Fri 27-May-16 15:32:01

Thanks for all the messages, I will look to see if there are any local financial advisors, do they usually charge for an initial consultation of only if you use them when you invest?

Yes, I hear what you are all saying re my dh. We are having issues at the moment and that is a whole other thread, however I need to make sure that if we do split at least I have done everything I can to help myself iykwim?

DuchessofAnkh Fri 27-May-16 15:45:41

Putting aside your "d"H for a moment....

I think your main problem is that you have just not been paying in nearly enough into your pension. You need to pay in 12% of your wage for your working life to get something decent at the end of the day.

To get a decent pension you should be looking a minimum now of £500 per month, possibly more depending what you want at the end of the day - there are lots of calculators were you can check.

Scottish Widows is OK - you may just want to check the finds as you need to be high risk at your age to get the most growth, tailing off to low risk nearer retirement.

ruddygreattiger Fri 27-May-16 16:03:29

Thanks Duchess and I am sorry to be so dense about pensions, I will put high risk funds on my list of questions for when I get an appointment.
So scared though cos there is no way on earth I can save anywhere near £500 a month but I will try me best x

BabyGanoush Fri 27-May-16 16:21:45

Your H is a dick

I think he will owe you some of his pension when you divorce.



H3adach3 Fri 27-May-16 21:05:11

ISAs are tax free, but the rates are very low currently

You may receive better interest in a Santander 123 account and this also pays cash back on some bills eg electric
I think Nationwide has something similar

You can receive a state pension forecast

If you work, most employers contribute into a pension
If you put in 3% per month, your employer may put in the same

"husband not happy to support you in retirement" if he has made this clear. You need to look after number one (yourself)
I would take a good look at your relationship, your work, finances, what you both pay for, children, house, lifestyle

Your husband is looking after himself !

VimFuego101 Fri 27-May-16 21:09:26

I would call up and request a statement of how many years worth of pension years you have and what pension you'll be entitled to. Have you been paying NI contributions while you've been self employed? If you have any years 'missing' then buying those would be a very good investment.

And I agree with all the other posters saying LTB tbh. If he has a substantial pension then that will probably disqualify you from any other income based benefits you may be entitled to on your low pension income.

VimFuego101 Fri 27-May-16 21:09:53

I was referring to your state pension in my above post, BTW, not your private one.

concertplayer Mon 30-May-16 15:53:05

With this 2nd job will it be Paye or s/employed again?
If Paye the employer has to pay into pension if you pay in.
Have you not seen the TV AD? (the stupid one with the big
purple blob?) Workplace pension

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