Pension - I have none and I’m a little unsettled by DHs response!

I think there is a grey area here.

DH and I decided early on that he would pursue a career as he was a higher earner (we're both professionals, graduates but in different areas of work.)

I always worked but part time and my occupational pension is very small.

His pension is a very good final salary pension and because I reduced my hours to raise our children (and allow him to pursue his) I am fully entitled to it after 40 years of marriage.

So I don't agree 100% that women shouldn't 'rely' on their spouse's pension when it's been a joint decision over decades as to who earns what and how.
I will be entitled to 50% of it when he dies as well as my own small occupational pension, a private pension I set up 5 years ago, the full state pension , and savings.

This is going to sound harsh but I checked I was going to be entitled to a full SP last year and was told I was BUT i needed to keep contributing because others hadnt (or words to that effect!).

It really irritates me that people seem to think they can go and do something very enjoyable for them, no stress, no treking to the office, no getting up early and then wonder why they wouldnt be supported forever including when they reach their 60's by either partner or the state!

In this respect, yes. On top of pension credit, she gets full housing benefit to cover the rent on her 2-bedroomed council house (no bedroom tax for pensioners!) and 100% council tax reduction. She worked for a couple of years before she had kids, and went back to work for 3 years when her husband became too ill to work.

I'm almost 70 and still working. I get state pension and my "gold plated" public sector pension is £350 a month. MIL gets load more from the state than I do!

The thing I'm most envious of is her never having to worry about the expense of any house repairs though. I've often wondered if it would be possible for me to give my house to the council on the condition that they cover the expense of fixing anything that goes wrong in return for getting a free house when I die!

That’s peanuts to live on though. Most people would need/want more than that.

Good point.

@LakieLady Sorry but that is incorrect. There is a reduction (25%) as single occupant. Significant savings - you can't have more than £16K to get a reduction. It's nothing to do with having 'just' the state pension.

Does your DH have any previous wives or children which are his, but not yours?
I am trying to work out if he has named a DC as a beneficiary?

You need to find out what you would get from his pension in the e ent of his death. It will be there in writing if he cares to check. I know exactly what my pensions are and what my husband's are. Not something you can leave to chance.
You need to get a state pension forecast too - from dwp. Get yourself organised!

As an artist you should register as self-employed - regardless of how little you earn.

This allows you to pay class 2 National Insurance contributions of £3.45 per week, or £164 a year if you prefer to pay a lump sum.

You can make voluntary payments if you earn very little. Every year you do this adds a year towards your State Pension.

You don't have to pay Class 2 NI contributions if your profit is less than £6725.00 a year.

However, by making voluntary contributions you are still building your entitlement to a state pension. Well worth doing for anyone self-employed.

You really need to sort your own pension situation out. Never rely on someone else. Coming out of the NHS pension was a huge mistake. If you’d left it there, it would be growing in value still. Start paying into your own pension asap!

The state pension isn't £60 a week BTW! More like £200! But you do need to have paid 35 years worth of contributions to receive it. How old are you??

I 100% agree with this comment. You dont get the state pension if you dont contribute. You have chosen not to work bar the art side and you are wondering who is going to look after you?

Never never assume that someone else will take care of you financially. Having said that you arent the only one who thinks like this but its good that you have just realised what could happen going forward.

@Greenartywitch

I can't afford to pay in a pension each month as I need every penny to survive and pay the mortgage and any house repair as a single person on a part-time income.
That's my reality. No amount of pie in the sky planning is going to change it

It's not about not understanding chronic health conditions, it's about financial self-reliance. Your situation is different to that of the OP's. In her case she is almost 100% reliant on her husband financially (apart from some presumably quite small income from her art) and he has given her financial advice which has actually minimised her financial security. He has clearly demonstrated that he doesn't have her best interests at heart and she has continued to assume that he will take care of her financial needs as she ages.

Having a health condition doesn't mean you can opt out of financial planning and being married doesn't mean you can put your head in the sand and assume someone else is taking care of it all.

You should double check to see if you are even entitled to full state pension to be honest...

This should be a wake up call to get your house in order...

The house has to be.under both names and be married to that person in some statesall.hia belongings when he does belongs to the wife if both parents die it will.be for the kids or if there's no will for the government .you need to work py social security for your future if you have any disability you can get a check for it

Anyone whose sole income is state pension is likely to get 100% (or close to it) reduction in council tax unless they have significant savings.

Well a lot of us women born in the 50s thought we had entered a contract to pay our contributions in order to receive a state pension at 60 and planned accordingly. In the event the rules were changed. So no guarantees of anything really. Get your husband to share some of his resources now.

There will always be a safety set for pensioners, but who knows what form pension credit will exist in, if at all, by the time OP is of a pensionable age?

Question,

Why does it matter? anyone on low income has their income supplemented anyway? we know pensioners are protected so, does it matter, really?

Won't OP just receive pension credit to make it up?

Exactly this. You need to have contributed to be entitled to a state pension. You can check your contributions on the gov website

What happened to the money withdrawn from your NHS pension?

If it went to general household expenses, can you use the same amount from household funds to start a private pension?

Your age is relevant here.

You can’t trust your husband.

I would seek financial advice regarding next steps.

@EllyRoff can I ask a few questions?

Appreciating you have anxiety so felt full time work was too much - when you decided to go ‘freelance’ did you have a business plan and engage a financial advisor?

I mean no offence here - before I am jumped on - most people I know with real diagnosed serious anxiety are actually really organised and neat in their life - mainly to quell their severe anxiety. Outside of medication do you have any strategies to manage your anxiety?

Others have alluded to it but lack of financial planning for me would be anxiety inducing.

Are you organised in other parts of life? Meal planning/cleaning/tidy spaces etc?

Well actually if he does she'll get 50% of everything so would be in a better position than she is now potentially.

I think if your married.. then you automatically will receive the pension if he dies...but yes agree with others.. get a job ..pay NI...check online where you are with it at the moment ..

While DH's response is a little mystifying, if his pension is a corporate money-purchase scheme, or corporate (you wish) or public sector final salary scheme (rather than a personal pension), the scheme trustees have discretion to overrule his nomination of beneficiary if it isn't you. This is a condition of the tax exemption granted to pension schemes. If the scheme member is married, the nominated beneficiary isn't the spouse and the spouse isn't happy with the alternative, it's unlikely that the trustees would allow it (a major financial headache for final salary schemes has been the retiree who cashiers the long-suffering spouse for a younger model, creating a much longer-term, more expensive survivor's pension liability). If it's a personal pension, then DH's will determines where it goes on his death, and if he hasn't made a will you inherit by default.