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Original poster

I don't have a pension

26 replies

batmanladybird · 30/12/2021 15:21

Just reading another thread about advice for those in 30s

I have worked freelance for myself earning not very much what with childcare and part Time work since 2006
I am 44

I had one in my 20s (in 2001-2003) when I worked for a big 4 accountancy firm but they can't find it. (I used the search for my pension information) It's in my maiden name and I can't find info on it either

We have had a shitty couple of years with my dh out of work so not much money to spare

What should I do?

OP posts:
mdh2020 · 30/12/2021 15:24

Make an appointment with a financial adviser.

filka · 30/12/2021 15:26

If you were only in your Big 4 firm for 3 years then the pension isn't going to be worth much - but it's all better than nothing. Is there an option to search using your National Insurance number? If not, write to the pension trustees.

Sorry, can't help with the rest of your question, the pensions I have aren't worth a row of beans and I'm not in the UK.

kitcat15 · 30/12/2021 15:28

Start one ASAP.... before you know it you'll be 50 then 60 .... I guess I'm lucky that I have an NHS pension.... I'm 57 now and am obsessed with pensions and retirement .... I'm hoping to go in a years time ..... don't put it off OP

WhitePolarBear · 30/12/2021 15:29

How long were you with the company? I believe that in some cases if you are there less than a certain time (1 year? 2 years?) then they have the right to refund your contributions as a lump sum on termination, rather than continue to hold a dormant pension.
This happened to me at a company I worked at for less than two years.
Do you remember getting a lump sum pay off?

WhitePolarBear · 30/12/2021 15:32

Don't waste money on a financial advisor in the first instance (unless it's free) - have you spoken to PensionWise www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

They can offer advice even if you're under 50.

Mia85 · 30/12/2021 15:36

Are you still freelance? Do you have any plans to change that?

Original poster
batmanladybird · 30/12/2021 15:37

@filka

If you were only in your Big 4 firm for 3 years then the pension isn't going to be worth much - but it's all better than nothing. Is there an option to search using your National Insurance number? If not, write to the pension trustees.

Sorry, can't help with the rest of your question, the pensions I have aren't worth a row of beans and I'm not in the UK.

Yes this much I know.
OP posts:
Original poster
batmanladybird · 30/12/2021 15:37

@WhitePolarBear

Don't waste money on a financial advisor in the first instance (unless it's free) - have you spoken to PensionWise www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

They can offer advice even if you're under 50.

Thank you
OP posts:
Original poster
batmanladybird · 30/12/2021 15:38

@Mia85

Are you still freelance? Do you have any plans to change that?
Not really. It works for now, though I realise that this is a problem I am Putting off. My husband has a private one and put a lot ainto It in his twenties and lost a lot so I always thought it was better to have cash in hand... i know I am stupid
OP posts:
Bluntness100 · 30/12/2021 15:40

Instead of messing around just start one op. Now.

DogDaysNeverEnd · 30/12/2021 15:47

moneyhelper.org.uk will show you what you need to out away for a target income. You can only save what you can afford but if you know you will need a certain amount in retirement the calculator will you decide if that's feasible. Compound interest is your friend so the sooner you get started the better even if it's a small amount as and when.

nannynick · 30/12/2021 16:03

These days they are easy to setup yourself, either with a provider who has ready made portfolios which you choose, such as Nutmeg, PensionBee, or ones where you get more control over the investments such as a Self Invested Personal Pension with Vanguard, AJ Bell, Hargreaves Lansdown.

There are books, podcasts, YouTube videos from UK financial planners which can help you in choosing the investments within the pension wrapper.

How much you are able to put in each month may determine which provider you use, as some have lower minimums than others. Wealthify I think starts from £1 per month, though I would do more than that.

nannynick · 30/12/2021 16:06

Does your current employer not have a duty to enrol you in a workplace pension? If you earn £10,000+ then I would expect them to be enrolling you automatically. If you earn less, you can opt in.

Mia85 · 30/12/2021 16:16

I don't think she has an employer Nick.
Don't waste time regretting the past OP, as Nick says it is easier than ever to set things up yourself now and it's best to decide on a course of action and get started, even if it's very small for now. You can always increase your contributions or move them later.
Are you currently earning enough to pay tax?

Mia85 · 30/12/2021 16:20

Meaningful money is a great place to start for podcasts and it's available on Spotify, itunes etc. I've just had a quick look through and rhere's a 'retirement planning for late starters' which might be a good starting point but there are loads of very helpful podcasts there.

The MoneySavingExpert forum has a helpful pensions board which is also a good place for views on how to get started.

Mia85 · 30/12/2021 16:20

Oh and one other thing, have you checked your state pension forecast? How is that looking?

Overthebow · 30/12/2021 16:33

Are you full time now? If not then go full time and start putting a reasonable amount into a pension each month. At 44 you still have time but need to start now.

forcedfun · 30/12/2021 16:33

Definitely worth digging around to find your Big 4 pension. I had a private one for a couple of years around that time as am pleasantly surprised when I get the statements each year.

Depending what you do, is local govt /public sector work an option? I am able to work my full time hours around my family and the pension is really decent

BeeLady15 · 30/12/2021 16:46

Don’t panic. Both you and your husband will get the state pension and anything after that is a bonus. It appears that you’re on a very low income already so I wouldn’t be making things tight to an unmanageable and stressful level to pay in to a pension. I’d try to up your earnings first - retrain, get more stable employment/customer base. It’ll then be easier to start saving in to a pension.

HMG107 · 30/12/2021 16:56

I have an SIPP with Hargreaves and Lansdown, which is easy to use. I work limited hours due to childcare so have only save £100 a month then add extra whenever I can. I've managed to save over £11,000 in just a few years and my shares are now worth just under £15, 000.

I've found that once we're focused on saving as a family we lose interest in take aways and start taking a packed lunch on days out etc. That extra money quickly adds up.

Xanorra · 30/12/2021 20:39

If the company still exists there will be employees who worked there at the time and should be able to tell if the fund was switched to a different provider for example.
However are you sure you didn’t take the money as a lump sum at the time? I left a job at around the same time and back then it was possible to do that. It wasn’t a big deal either, all I had to do was tick a box on a form, so I could easily have forgotten.

Dashel · 30/12/2021 21:38

I have only started a workplace pension fairly recently (before that it was DB through LPGS) and I have been working hard to get that as maxed out as I can.

On top of my contribution that comes from my salary I also try to raise extra funds where I can and all of that gets contributed. It does start to add up. I also went through our bills carefully to see if I could reduce anything and those savings were added as well.

Is it worth considering employment where you would get at least a 3% employer contribution?

Cocomarine · 02/01/2022 09:50

How long were you actually working there? 2001-2003 could easily be under 2 years, and as previously said you could have been forced (or chosen) to take back your contributions. I had nearly 2 years at a similar time from a graduate role and it was a couple of thousand - so easy to forget years later as it wasn’t huge!
They should have a record of the repayment though.

ArseInTheCoOpWindow · 02/01/2022 09:53

Start one as soon as possible. This is the advice l always give you get people. Pay in as much as cco possible.

Health problems tend to rear their heads in your 50’s. I was able to get ill health retirement through mine. I’d have been shafted without a pension.

seekingasimplelife · 03/01/2022 01:02

First of all - don't panic!
Secondly - don't rush to open a pension straight away.
Thirdly - don't rush to find a financial advisor!

You need a secure financial strategy, of which a pension is one part of the whole. Take some time to find out yourself about how to plan your financial future, and what you need to put in place. Make some time to study the basics of financial planning and building a financial pyramid.

This will put you in a much better position if, or when you come to take financial advice on a pension or any other financial product.

Some things to think about...

Have you checked on your state pension forecast? Is it correct and up to date? Have you made National Insurance contributions, or gained them through claiming child benefit for a child under 12?

Do you have an emergency fund which is readily available?
Do you have life insurance? Income protection? Mortgage protection if you own a house? Have you made a budget of income and expenditure so you have a clear idea of how much is available for investing in a savings and a pension?

Finally, a cautious caveat - never, never invest in something you don't understand - no matter who recommends it. Take your time and figure out anything you are planning to put your hard earned money into, so you know it inside out.