No idea what to do.

[loopyapp]

Hi everyone.

I'm a 34 year old woman with 4 children who reside fully in my care, their father is an active part of their lives and financially contributes beyond the minimum.

Two of the children have disabilities that have required long term full time care, meaning I have been out of work for nearly decade.

I am currently trying to return to work, their conditions are better managed and it feels like the right time.

Thing is I have no private pension. At all. I have no idea what to do about it. Please can anyone who knows their stuff advise me on what I can do?

Thanks

When you get a job, your workplace will provide a pension scheme and depending on your pay level they will contribute to that.
Under auto enrolment legislation, you would contribute 5% of salary and they would contribute 3%. So that is a start.

Without an earned income, you can contribute up to £2880 to a pension/SIPP per year and get tax relief added by Government. Depending on how much you can contribute, there are providers who will do from a £25 per month minimum, there may even be one or two who accept less. Wealthify I don't think has a minimum but has a 0.6% fee in addition to fund fees. Whereas Vanguard has a £500 lump sum, or £100 per month minimum, with 0.15% fee in addition to fund fees (Vanguard seem to allow you to change the contribution value after the first initial one is taken, so you could pay less in if needed).

Work out how much you are able to pay in to a pension per month, then look at providers to see who could invest that without high fees.

Aviva stakeholder pension has a minimum contribution of £16 per month, made up to £20 by government tax relief. As it's a stakeholder pension, the fees are capped at a low rate. You can start and stop at any time without penalty, as your circumstances change.

www.aviva.co.uk/retirement/aviva-stakeholder-pension/

However, before starting on pension planning, you would be wise to wait and see what is on offer when you start work in terms of pensions - your employer may well contribute a percentage. Look at it as part of a wider financial strategy. For instance - Do you have a budget showing income and expenditure so you know how much you will have available comfortably to invest? Do you have emergency savings that can be accessed easily already? Do you have plans to protect your future income in case of being unable to work? Do you have life insurance?