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Original poster

Anyone else in their 30s not have a pension?

70 replies

25BeautifulGnomes · 14/08/2012 10:23

I am really freaking out about our financial future at the moment. DH is self employed, I work part time, and neither of us have pensions. I (foolishly in hindsight) opted out of mine as I didn't believe that I could afford it, and the years have just rolled by..... Blush

We are in the process of buying a house and have agreed to sit down and go through all our finances once we are settled in, but I just can't stop panicking about the fact I/we don't have a pension. One of the reasons we have not done anything about this kind of thing yet is that we have been saving up for our deposit for the last few years, so this really has been our only focus in terms of savings.

I want to change career after we have another child (if I am lucky enough to have another one) so I don't know if it is worth opting in to my work pension scheme for what could be a relatively short time?

What does everyone else do in terms of pensions/savings? I am sure that we are in a minority in not having pensions and I feel very stupid about this. What would the best idea be for us moving forward? Both get pensions and have other pts for any other savings we could make? (I fear that just mortgage repayments/day to day living in the new house is going to eat up whatever money we have coming in)

I also have a nagging feeling that I should not be placing all my future financial security on DH, and should be looking out for myself too?

I know that we will most probably come into some inheritance in the years to come but I don't want to count on this as anything could happen....

Any advice/experiences gratefully received.

OP posts:
Original poster
25BeautifulGnomes · 14/08/2012 10:24

pts = pots

OP posts:
GrassIsntGreener · 14/08/2012 10:27

I'm in my early 30s and self employed part time/mother rest of the time. I'm starting to worry about this too. Dp is in his 40s neither of us have one. Confused

We can't afford to pay one to be honest, I guess we will have to rely on a house sale (assuming mortgage will be paid off) at that point. Sad

RedHelenB · 14/08/2012 11:43

I haven't in my 40's but if I will be expected to work till 70 what's the point?

InMySpareTime · 14/08/2012 11:51

I haven't (33), but DH has a pretty decent one (5%salary contribution, 8% employer contribution, since he was 21).
The govt are bringing in small workplace pensions in Oct I think, mine can't be much, I earn a shade over NMW, I'm sort of relying on DH inheriting from his parents (they are not short of pennies), although once the mortgage is paid off in 9 years we have very low outgoings, and decent savings already. We have solar PV which is a guaranteed income for another 23 years.
The inheritance thing sounds harsh, but DH is an only child, and they won't live forever, so it's worth consideration as a future asset.

Rockchick1984 · 14/08/2012 18:01

I had one at my previous employer but was only there for 4 years (had never bothered prior to that). Am now a SAHM and will be for the foreseeable future. DH is 36 and only started paying in a couple of years ago.

expatinscotland · 14/08/2012 18:09

Never had one in my life. Am 41 now.

I'm going to work till I'm physically unable to, and then top myself.

LynetteScavo · 14/08/2012 18:12

Lalalalalalallalalalalallalalallallllalalalalallalalalalallalalalalallalalallallllalalalalalllallalalalalallalalalalallalalallallllalalalalall.......

blueshoes · 14/08/2012 18:15

If your employer matches your pension contributions, you should try to put as much of your salary into your pension as is matched.

sheepsgomeeping · 14/08/2012 18:16

No pension here either and can't see me starting one in the forseeable future

NaturalNature · 14/08/2012 18:20

Definitely sort out something for yourself and don't just rely on your dp, if he dies his pension goes.

I've paid into a work scheme and really didn't notice it even though it was a low wage.

cryhavoc · 14/08/2012 18:22

I'm 30 and self employed, and don't have a pension. H is in the forces, and (as things stand) will get a good pension.

SirEdmundFrillary · 14/08/2012 18:24

Yers. I cannot discuss it further as I'm too busy sticking my head in the sand.

FirstMumOnTheMoon · 14/08/2012 18:28

You still have plenty of time to start paying in to a personal pension - even if it's only a small amount you can afford.

I'm not a pensions expert by any means and have only learnt as I go along but I believe you get tax relief on your contributions - so for every £100 you put in the Govt. put in another £20.

I would suggest seeing a Financial Advisor - they would be able to give you the pros & cons.

Better to look into it now, than let another few years go by, after which your contributions will need to be larger to get the same benefits at retirement.

Good Luck Smile

brighterwhite · 14/08/2012 18:29

I am 45 and have had one for 5 years plus paid in a £5k lump sum a few years before. I currently pay in £240 a month - I will get £3k a year if all goes reasonably well!!! I could actually put in more at the moment, but I really don't think it is going to give me much benefit, so I am saving into an ISA insteadl. I can only do that because I have had a really good year (self-employed). Usually I earn less and so the pension will be all I can manage each month.

If I were you I would pay as much as poss into a Cash Isa. It's not much but it is something and at least you can't lose it.

SirEdmundFrillary · 14/08/2012 18:31

FirstMum what if there isn't even a small amount you can afford?

holler · 14/08/2012 18:37

I pay £50 per month into mine. I started it at work (for about 18mo I think), and now work freelance but pay into the same pension. Yes, you get tax relief. I'll get about 300 per month when I retire, so not megabucks, but hope to be mortgage-free by then, plus there's the state pension (perhaps), and I guess I'll be working until I drop. Will probably increase pension, but not until debt-free elsewhere Sad.
DH has a work pension, but it only started last year.
We're both in our mid early 30s.

FirstMumOnTheMoon · 14/08/2012 18:38

SEF I don't know how tight the OP's financial situation is - I was just giving a suggestion as she asked for.

tanfastic · 14/08/2012 18:42

I'm 39 and don't have a pension. Dh is 47 and retires from the police in five years with a good pension and lump sum that will benefit us both. If he dies it goes to me.

surfandturf · 14/08/2012 18:47

I'm 37, self employed and don't have one. DH is 44 and does have a pension but I'm not really sure it'll be worth anything by the time he retires.

The goalposts change so often that I don't really see the point in struggling now just to put money into a pension. I did start to save in an ISA about 10 years ago and was planning on using that as my pension but our circumstances changed a few years back and I had to dip into it (not that there was much in there!) so that won't be much use now!

I don't worry about it really - I just hope that that when I'm old and skint the government will look after me as well as they do the work-shirking benefit scroungers (don't flame me - I'm not saying that everyone on benefits are scroungers!) Wink

dillnameddog · 14/08/2012 19:40

holler who is your pension with - sounds extraordinarily good!

shattereddreams · 14/08/2012 19:58

I was pondering this just this morning.
Our parents had good pensions and as mainly they were married, it seems the mans pensions passes over on death.

I have no idea if my work pension goes to DH. I do have one and have paid in since 21 about 5%. I don't notice because I don't see the money.
Def sign up to a work one even if for a few years.

DH did have an nhs pension but he left them to go self employed and no pension now. We have struggled to find someone to actually sell us one!!!

I forsee a huge problem with our generation. None of us can afford a pension, those of us paying one could see the whole lot wiped out on stock exchange anyway so even having one seems pointless.

I plan to get kids off to Uni, pay off mortgage and then pay everything into Isa and pension wanders around feeling positive

Itsjustafleshwound · 14/08/2012 20:03

I just worry that although I don't have a pension I can't see any financial vehicle that is somehow going to deliver the goods.

holler · 14/08/2012 20:06

dill With Aviva. It was excellent when I worked in-house (employer contributed shedloads), and it's also based on investments doing well until I retire at 65 (haha).
It wouldn't have such good returns had I just started it at £50 pm.
They do have great customer service though, and I'd recommend them despite spending all my pension fund on crappy tv ads.

80sMum · 14/08/2012 20:09

I'm 54 and currently paying about 75% of my salary into my pension and ISA. I didn't start it till I was 43 (couldn't afford it before then). Trying to make up for lost time now. Fortunately dh is working and we are now empty nest and can manage on his pay, so mine is for savings.
Impossible to say what pension I will end up with, as stock value goes up and down and annuity rates go relentlessly down. Will probably get about £5k a year, providing I can keep paying in for another 10 years.

FreelanceMama · 14/08/2012 20:16

I'm also mid-30s and had a pension when employed as it was a good one with my employer putting in more than me... Now I'm freelance I've decided against having one.

It doesn't worry me... Saving for a pension feels like some kind of bet - I bet I'll retire early enough and the investment will have grown enough for it to be worth putting the money in now. Alternatively the retirement age could keep shifting, my pension might be crap and the only person guaranteed to make money is the pension fund manager.

I think it made sense for my parents' generation but not mine.