Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Flip

1 2 3

Original poster

If you’re a long term SAHM

58 replies

Ebenezerpud · 25/03/2022 20:22

What are your plans for pension/retirement?

I’ve been at home with Dd for 3 years, worked 17 years full time prior to having Dd (had her fairly later in life) plus 4 or so years part time whist in college/university.
I live abroad so don’t think child benefits pays into the system as it were in the U.K., so I’ve lost out on 3 years of contributing to a state pension.
I have 10 years of paying into a work pension also and own my own home. I’ve enjoyed being at home so much, but feel panicked at times that I’m not paying into my state pension, should I be worried?
Sahm’s what do you do? Are you worried?
Do you see it as just a short time out and it should make up for it when you go back to work or does your Dh pay into a pension fir you? What are the options?

OP posts:

Twirldream · 25/03/2022 21:58

SAHM for 7 years although I want to get back to work but childcare availability is a nightmare around here.

I had already paid into company pensions for 20 years prior to having DC aged 40. DH pays £240/month into my SIPP.

I completed the HMRC forms that I was given in the maternity ward to ensure that my stamp continues to be paid while I’m not working. I can check online to ensure that the contributions are up to date.

We also have a joint mortgage and investments in addition to private pensions.

Original poster

Ebenezerpud · 25/03/2022 22:00

@fallfallfall What was the average per month?

OP posts:

Original poster

Ebenezerpud · 25/03/2022 22:02

@Anycrispsleft How did you find the info for this? How much was it per month?

OP posts:

OfstedOffred · 25/03/2022 22:04

DH will have paid off the mortgage. If he’s alive he’ll share his pension with me, if he’s dead I’ll hopefully get some of his pension fund.

Please discuss this with your DH and a pension advisor. If he dies after buying an annuity it is not a default that there's anything whatsoever coming to you as a widow.

Eggsley · 25/03/2022 22:14

If you claim child benefit then you continue to get national insurance credits I think. I work full time and the child benefit is in my name, but DH is a SAHD and I transfer the national insurance credits to him each year which go towards his state pension.

HollowTalk · 25/03/2022 22:23

If he dies after buying an annuity it is not a default that there's anything whatsoever coming to you as a widow.

Well he couldn't die before buying it, could he?

Koigarden · 25/03/2022 22:30

I haven’t “worked” since 2005. I have claimed carers allowance for my eldest son though so my NI contributions are up to date. I plan to return to work (family business) as soon as my son is settled in supported living whenever that may be.

TheHoptimist · 25/03/2022 22:51

@MrsSkylerWhite

I haven’t been in paid work for many years. Everything is in joint names and I am the sole beneficiary of my husband’s insurance, death in service payment and pensions thereafter, should he pre-decease me. I have my own state pension which is just short of full.

But that could change tomorrow He could name the children, his mate in the pub. A woman he met last week of the dog

HerRoyalNotness · 25/03/2022 22:56

I’m coming up 50 and only have a tiny one in Aus. I’m freaking out, so I’m back to work in April and will be stashing as much as I can. Can’t rely on H to be there in retirement. I have a 5yo too so will need to be working a long time to see all the D.C. through college/uni and then retirement will be what it will be.

ZeldaFighter · 25/03/2022 23:28

I was a SAHM for over 8 years. As part of giving up my job, husband agreed to pay into a private stakeholder pension for me (he has the same one too )

My problem is not my pension - my problem is trying to move on from basic, entry level positions to something with more money and power several rejections later, some internal, and I'm getting a bit worried. I changed and grew so much as a person by becoming a mother - I became more patient, diplomatic, tolerant and basically more hardworking and proactive. Not really valued by hiring managers when compared to running an office though

dragonfall · 25/03/2022 23:47

I've been a sahm for 24 years. No plans to return to work. I've spread out my dc so I've got my NI contributions covered (I will cover 35 years before DD2 turns 12 so I will definitely have a full record).

From our joint family income, I max out a SIPP yearly at £2880 (topped up to £3600). I pay the max £4k a year into a S&S LISA (topped up by £1k, to be used for retirement as we already own a house) and put another £16k a year into other S&S ISAs. I actively research and manage my investments, all in higher risk equities, so I have a decent amount despite being a bit limited interested of what I can put in. I have some unsheltered investments as well but I'll be able to use CGT and dividend allowance to withdraw some gains tax-free. House is in joint names and paid off now.

AlwaysLatte · 26/03/2022 00:02

Various different pots, DH has a very good private pension plus state pension, I have a small pension plus investments and rental property, so some flexibility. I did top up my contributions when I realised there were a couple of gaps, so that I will get a full state pension (not that that is worth much!)

Anycrispsleft · 26/03/2022 05:15

@Ebenezerpud here's the link here

It's 60 pounds a month, less if you start working abroad (then you get moved on to class 2s).

Donra · 26/03/2022 07:43

It’s all very well saying state pension is a pittance and you need to pay privately etc. I’ve never had any spare cash, I’ve always been living on the breadline and pension contributions were voluntary so I didn’t pay (couldn’t afford) them. I didn’t have a single penny in pensions until it became compulsory around 2012, at which point I started to pay the absolute minimum for a few years until I became a SAHM, and obviously I’ve paid nothing since. I’m hoping to return to work when the kids are at school and it’ll be the same situation - minimum compulsory contributions only because I need the money. Not everyone has the luxury of being able to pay into a pension and still have enough left to live on.

MrsSkylerWhite · 26/03/2022 07:57

TheHoptimist

MrsSkylerWhite
I haven’t been in paid work for many years. Everything is in joint names and I am the sole beneficiary of my husband’s insurance, death in service payment and pensions thereafter, should he pre-decease me. I have my own state pension which is just short of full.
But that could change tomorrow
He could name the children, his mate in the pub. A woman he met last week of the dog“

It could. It won’t

Goldfishmountainclimber · 26/03/2022 08:58

Is anyone able to explain how it works with getting Child Benefit for pension eligibility? (UK)

Is working for 35 years equivalent to working for 30 years plus 5 years SAHM getting Child Benefit? Or is the scenario with Child Benefit not giving you a full pension?

Any simple explanations appreciated!

EinsteinaGogo · 26/03/2022 10:27

@HollowTalk

If he dies after buying an annuity it is not a default that there's anything whatsoever coming to you as a widow.

Well he couldn't die before buying it, could he?

@HollowTalk

I believe the poster was referring to an annuity as opposed to a lump sum or draw down, which have very different implications for dependants.

Sswhinesthebest · 26/03/2022 10:40

If you claim child benefit then your NI contributions will count towards your state pension until your youngest child is 12.

One of dh’s pensions dies with him. We are in the process of changing this. It costs a few thousand from his fund, and the yearly payments will decrease when he draws it, but at least I, or the children, will continue to benefit from it, when he dies.

Chasingaftermidnight · 26/03/2022 11:09

You’ve only been at home for 3 years which I wouldn’t class as long term - are you planning on going back to work fairly soon or are you thinking about it becoming a long term arrangement?

Viviennemary · 26/03/2022 11:15

The state pension alone is absolutely not enough for most people to live any kind of comfortable life. Even if its supplemented by a very small private pension its just simply not enough.

0penALLTours · 26/03/2022 11:24

If you live in UK

Using your National Insurance number you can see how many years you have contributed to your state pension by looking on www.gov.uk
The data shows NI contributions per year & any missed years

You need a minimum of 35 years contributions for a full state pension

Don't guess

Check !

0penALLTours · 26/03/2022 11:30

www.gov.uk/check-national-insurance-record

lunar1 · 26/03/2022 11:51

As others have said, your child benefit claim means you still add years to your state pension until your youngest is 12.

I don't qualify for CB but registered for it then made a zero claim. It protects me for the years I was a SAHM.

I checked my forecast a couple of years ago and there is no break in contributions since I was 16.

Original poster

Ebenezerpud · 26/03/2022 20:44

I’m not in the U.K. though, I’m in Portugal so I don’t think is the same system if I were to claim child support (is a bit different here) would be amazing to still be contributing until Dd was 12, I wouldn’t need to panic as much!

I will probably be off another year, no longer, still worries me though-that’s 4 years out

OP posts:

Anycrispsleft · 27/03/2022 07:59

I think you can pay class 3 contributions to cover some years of contributions that you've missed - not sure how many years you can go back but I think it is about 5. If you got a job in Portugal you could still pay in, but the amount actually goes down. I am in Germany and I paid 7 years of class 3, then I started working again last year and I got switched to class 2, which I about 15 pounds a month.

Flip

1 2 3