35 and don't have a proper pension

[ShesMadeATwatOfMePam]

I don't understand them, i know i should have got one when i started working full time but didn't think i could spare the money. I've got a shit load of debt with dh and most of our spare money every month goes towards paying that off. (The debt is no longer increasing and it's slowly coming down) But i know i need a pension, where do i start though? I've got the workplace pension. Can anyone help please?

Hi, have you done any reading about them?

The problem is that learning about this stuff is boring but start with easy things like MSE and www.pensionsadvisoryservice.org.uk/

Many people have pension problems and 35 is definitely not too old to get started. It is never too late.

The first place to start is with your workplace scheme, is it a good scheme, can you pay more in, and could you get as good a job in another sector with a better pension?

Well you do have a pension if you have the workplace pension. Most people now find their employer is paying into theirs before they even receive their pay. Is this the case for you? Check your wage slip and your workplace pension - you may have a nice surprise.

You have a workplace pension...so you do have a pension

Ok I've got a workplace pension. But that's not going to be enough to set me up for retirement is it? I haven't got a clue where to start with it.

Depends how much you pay in, how much your employer pays in, how long you've had it, and how much you think you'll need to live on in retirement.

Everyone i know only has work pensions

Op you need to find out more about your workplace pension, how long have you been contributing and how much is your employer contributing?
You can look at other ways of planning for your retirement as well. As you’ve already got a pension on the go you can look at maybe starting a stocks and shares isa, overpaying your mortgage (if you have one), investing in property etc. You can do some research online or get a independent financial advisor who can advise you.

The good thing is that you’re thinking about it now!

As you are under 40, you could get a LISA. Lifetime ISA, savings account that the govt adds 25% of your payment upto a max payment of £4k a year. You cannot withdraw until you are 60.

Do you understand your work place pension? You can sacrifice more salary into it, check how your work match your contributions. Your work maybe able to arrange for you to speak with their pension provider point of contact

@ShesMadeATwatOfMePam

Ok I've got a workplace pension. But that's not going to be enough to set me up for retirement is it? I haven't got a clue where to start with it.

I think you need to do some reading.

The starting point is - how much money will you need in retirement.

Work through the website so sent and they will help, or buy a book.

You are not alone. There is going to be a whole generation heading towards retirement with no home of their own, no assets, and no pension.

You are still young enough to get a good handle on this. And learning about an understanding this is one of the best investments you can make in your future. Go you!

When I started thinking and learning about this in general, it was strange overwhelming and scary too. But actually it is not rocket science.

Good suggestions above for MSE and pensions advice service.
A pension is essentially a tax efficient investment wrapper (unless it is a final salary or CARE pension, though these are generally public sector pensions). As are ISAs and Lisa's (mentioned above). You need a good understanding of your tax position and your endgame (ie when you can access your money and when you want to retire) to see what is best for you. It is complex and overwhelming at first.

As advised above, check out your workplace pension first and increase contributions there, as your employer pays in here too (free money, what's not to like). But as always, you need to make sure you check the terms and conditions carefully. And keep educating yourself. It took me about 5 years around life to get a really thorough understanding, but a recent interaction with an independent financial showed I really had got it, got my finances in good order. I consider it one of the best investments in myself I have ever made for the rest of my life.

Good on you for not being an ostrich anymore!

Most people only have a workplace pension. You need to read the documentation to understand what yours gives you in retirement. If you posted some of the figures it gives you here we could help you understand what that means.

Your workplace pension will take a set amount from your wage before you get paid. Find out what you are paying now and ask to increase that if you can afford it. That is an easy way to pay more into a secure fund without any hassle.

Only the baby boomers really got this magic early retirement. Throughout most of history people worked until they were too old/sick, so society is returning to the norm. I expect to work until at least 70, possibly 75.

I have a tiny amount in two workplace pensions, and a tiny private pension. I won't have enough to live on when I am too old to work, but I expect to sell my house and downsize to release equity. With minimal housing costs I will be OK.

Meh. I'm 46 and don't really have one. It's all very well people saying I should put money aside etc. If you truly don't have anything spare (for savings or pension) you can't do that. Not had a holiday in over 10 years. Don't have Sky tv etc. No gym memberships. Just genuinely no spare money.

ON the other hand, I do have a mortgage and there is equity in the property. My plan is to buy a cheap student place and rent it out - that will be my income. Plus, husband is younger, so he will still be working when I'm too old. I don't believe even if you do have a pension its' going to be worth much anyway. ....the pension I do have (from a while back) has lost £6000 in value over the last year just like that.

Your 35 you'll be working till your at least 80!

Thanks for starting this OP.

I am a 33 yr old self employed, basic rate tax paying woman with 4 children, I have no pension and no investments of any kind (HA tenant so no property) I have been worrying recently about this. DH has a work based pension but that's it.
I need an 'idiots guide' to sorting this our before another several years drags on without me dealing with it.

full state pension at present requires 35 years of contributions, if you have child benefit paid to you, you get a credit for each year until child is 12. This is why it is a good idea to claim child benefit as a SAHM even if DH is earning more than threshold and you have to pay it back you still get the pension year credited

if you have 2 children with 3 year age gap you get a total of 15 years credit until youngest is 12

working out amount required to live on in retirement is not easy but you need to base it on today
generally advisers work on the assumption that you can maintain current lifestyle on 2/3rds income on the assumption that you no longer have dependents or a mortgage or commuting costs, you may no longer need 2 cars as a couple you will get free bus pass, some small bills like heating may increase as might spending on hobbies

the earlier you start paying into pension the better, at 35 if affordable you should maximise workplace pension, if surplus balance it between short term savings whic you can access for the proverbial car repairs broken heating redundancy etc as well as holidays etc and long term savings in investment ISA OPEC funds
Once money is invested in a pension you can't withdraw it for an emegency so don't lock all money away until you are 67, it is best to plan for the fact that 10 times more people are forced to retire early from ill health than die before retirement age I would advise making sure you can withdraw some money from 60+ in case you want to cut hours or drop to a less responsible job with shorter commute etc
at 35 you have 30 years to make financial plans if retiring early is really important you can find some advise on FIRE ( financial independance retire early) sites but it can be a bit extreme
it works on idea of minimising costs right now but also if you can live on current income if you get a rise you can afford to save all of it it is tempting to fritter some money, it doesn't mean that spending money is bad and you should save it all but spend mindfully

I wouldn't reply on there being a universal state pension by the time you retire. I think it will inevitably go to income based at some point. It would have done years ago if older people weren't much more likely to vote.

Thanks for all your help. I'll get the paperwork out and see what it says. I'm working part time and don't earn very much so i think i really should prioritise this sooner rather than later!

Are you public or private sector?