Right, I do not have a pension but ...

[Soffit]

I have around £80k in savings and twenty years of working life left (Although I will never be in pensionable employment). Is it possible/worth trying to 'catch up'? If so, what would my monthly payout be roughly? On the other hand, I have a large home in London and I am planning to downsize massively at some point in the future. I do not know anything about private pensions - which ones are recommended and does there exist a product which doesn't lock your money in until you are 55? Sorry for all the questions!

I recommend watching Meaningful Money TV and reading their book .

Will help you get everything in order

We need more details really to answer your questions

This is too complicated a question for Mumsnet! You need to get your self an IFA who can advise you properly.

Yes you can "catch up".
Your situation will require different advise to the generic online info.
I also think pensions arent the be all and end all.
Agree with the above an IFV might be a good idea

@BIWI

This is too complicated a question for Mumsnet! You need to get your self an IFA who can advise you properly.

Totally agree with this. You will get a lot of different and well intentioned advice but you need to speak to someone who has the specifics of your unique situation and the knowledge and experience to advise you. Good luck

To learn the basics about pensions you could start with the government website moneyhelper [https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/?source=pw#]
Opening a private pension is not more complicated than opening an ISA, personally I wouldn’t bother with an IFA unless you have mega £ to invest or your situation is really unusual.
It’s never too late to start a pension, especially with the tax relief. Try online calculators that work out how much annuity you’ll get from your pot, or how much you need to save depending on your lifestyle. And yes, your money will be locked until you’re 55-58 depending on your age.
I wonder what you mean by «not pensionable employment»?

Thanks, I''ll definitely look at the linked resource. I last used a financial advisor twenty years ago (linked to an estate agent) and I was not impressed. I don't really want to pay for advice that ends up being rubbish or commission-linked. Are there any recommended free ones out there?

As you have a large home in London and intend to downsize, you will have a chunk to invest which will give you an income. £80k is a lot of savings, you must be doing ok, I think.

Make sure your NI payments are paid in full so that you can claim a state pension.

@Taoneusa

As you have a large home in London and intend to downsize, you will have a chunk to invest which will give you an income. £80k is a lot of savings, you must be doing ok, I think.

Make sure your NI payments are paid in full so that you can claim a state pension.

Thanks. It has mainly come about through inheritance and shielding during 2020. I am a low earner and not a spendthrift but I wanted to know if there is anything out there which would give me a monthly retirement income as many employed people will receive through pension schemes. I realise that I wont have the benefit of employer's contributions. Would I qualify for the state pension if I also have a private pension or are there further rules to consider (I expect there are!).

This looks great! I'm going to try to engage with it upon the basis that it is less biased than a financial advisor down the highstreet

@Xanorra

To learn the basics about pensions you could start with the government website moneyhelper [https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/?source=pw#] Opening a private pension is not more complicated than opening an ISA, personally I wouldn’t bother with an IFA unless you have mega £ to invest or your situation is really unusual. It’s never too late to start a pension, especially with the tax relief. Try online calculators that work out how much annuity you’ll get from your pot, or how much you need to save depending on your lifestyle. And yes, your money will be locked until you’re 55-58 depending on your age. I wonder what you mean by «not pensionable employment»?

Yes, I'm sure they would be wondering wth I have turned up at their office as I earn around the NMW!

I meant that I do low paid zero hour contract work with no pension entitlement to fit around my DCs

...does there exist a product which doesn't lock your money in until you are 55?

No. That is the bedrock of a private pension arrangement that is capable of getting tax relief on contributions paid in and on the investment returns your money earns. If you don't want your money "locked in" until 55 you will have to accept that you will lose some seriously valuable tax relief and consequently get a poorer return on your money. As a retired pensions consultant I agree totally with all those saying this is far too serious a matter for asking MN.

Check your NI contributions on the Gov website. You need 30 years of contributions through either work or a child benefit claim to be eligible for the full £9k at age 68.

I'm sorry but you are seriously deluded if you think it's not worth paying for good advice

An IFA must, by definition, be independent - if they have any allegiance whatsoever, they MUST, by law, declare it in advance: the profession is very highly regulated (disclaimer - am not an IFA!).

The best way to find a good IFA is through word of mouth - if you are self-employed, if there anybody in your professional network you could advice for a pointer?

Bear in mind regulation has changed significantly over the past 20 years, and don't use your previous experience to tarnish the future: paying for good advice is never money wasted.