Pension Gaps

[almost50]

Is it worth, these days, making up the lost years of a work pension? I have about 10-12 years shortfall through looking after children. It's a teaching pension throughout. Am 50 this year and suddenly starting to think about old age :(. Also, how do I go about it?

Please follow this up. To check on your state pension......

Have you claimed all your 'at home years'? So long as the family allowance book is in your name you can claim so many carers years. Log on to the pensions website and ask for a pensions forecast. Just put 'pensions forecast' into google and the site will come up. You can complete and submit electronically. It takes a few weeks to get a response, but you get a breakdown year by year of whether you have paid enough. If you have 'incomplete' years, you will have the option of paying extra contributions to make them up.

To check on your teaching pension.....

put Teachers Pension into google and then follow the links for a forecast. You have to register but you are sent a print out.

Thanks Chottie. I will do that. Do you know the situation with child benefit and pensions by any chance (we're in the UK). Dh's salary is over the limit for us to now get anything but I ve got this idea that I should still claim to protect my state pension, even if I don't get any child benefit. Am a bit hopeless with money :(

time to be less hopeless, then.

first, google 'uk state pension forecast' and order a personal forecast for you. Then you can see how many 'years' you have and work out what you want to do. Remember the number of years you will need will rise after the next election, but may change again before you retire.

As long as you are registered for DB then you get the years credited towards a pension, whether you opt out of payments or not. You can make AVC (additional Voluntary Contributions) to your teacher's pension fund so do ask what the cost for extra credits may be.

almost50 I would really advise you to follow this up asap. You have been given some good advice here. Please come back and let us know how you get on. I'm not particularly money wise either, but it is really simple to do. Once you have the forecast you will know what your options are. I printed out my forecasts and have put them in a safe place.