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Original poster

Would this be enough of a pension for you?

74 replies

greenvoid · 12/02/2025 20:14

Okay so

Dh and I have 3DC. Dh is older than me by quite a bit and it stands to reason that he will probably pass before me. Dh is the only financial provider in the house as I focused and still do on raising the family. I worked out the other day that I will not work enough qualifying years to get full state pension by retirement age and will likely be 6-7 years short of it. Let's just assume that I won't get any state pension for the sake of argument (I only currently have 6 years qualified). If DH dies before me, my pension from his employment will be £1500 a month forever (unsure currently about inflation rules with this). If you had a house paid off and 3 grown up children, would this be enough for you to live off?

Dh tells me how lucky I am to A) get this amount without working for it, which I totally agree, I am lucky and that B) people have to save a lot to have a private pension of that amount. Whilst that may be the case, it's possible that I won't get any state pension so it would be £1500 to live off solely with the assumption that DC are grown up, but who knows if that'll be the case. But for the sake of argument, let's say that they would be grown up.

OP posts:
fghbvh · 12/02/2025 20:16

If it is adjusted for inflation and you don't have a mortgage to pay, it sounds like loads to me.
But then I only get about that now and do pay a mortgage! I guess it depends on your lifestyle.

stealthninjamum · 12/02/2025 20:18

Why won’t you get state pension? If you claim child benefit you can qualify until your youngest child is 12. Even if he’s a high earner you can claim the child benefit and pay it back.

Alternatively you can buy back state pension years for about £800.

i wouldn’t rely on someone else’s pension - in fact I also pay £2880 into a SIPP (a type of pension) which gets tax relief added to make it £3660 every year

NinnyNa · 12/02/2025 20:18

I live off that now with 4 children after rent.

Whycanineverthinkofone · 12/02/2025 20:34

So you’re never planning on working again?

your dh thinks you’re “lucky” that he’ll live a good life until he dies, then leave you living on a minimal pension?

what if you split? What then? You may get some of his pension but may end up with even less for longer.

fuck that mate. Start paying into a sipp and or topping up your state contributions. If he objects/can’t afford it, you need to get back into work and make sure you look after yourself, rather than relying on him to do so.

BizzyMissy · 12/02/2025 20:36

Hard to say without knowing your lifestyle/required spending and whether you expect to have a mortgage free home by retirement.

As prior poster has said, you will get NI credits again state pension if you are registered for child benefit until your youngest child is 12. You can register for child benefit but opt not to receive the payments if your DH earns >£80k if you prefer not to claim payments then repay.

If you can afford it, your DH should pay into a pension in your own name. He can pay in up to £2,880 net each year into a SIPP (which will receive £720 "tax relief" to make £3,600). If you're under 40, it's worth opening a LISA for retirement purposes. You can pay in £4,000 each year until you turn 50 and the government will top up 25% and you can draw this tax free when you're 60.

Also, you should check how much state pension you have a accrued to date and how many years you'd need to have a full state pension. It's worth considering whether you should pay in (around £800 per year( once you've stopped receiving credits relating to child benefit.

My husband is a low earner and I pay into a SIPP and a LISA for him even though he'll have pension from me if I die first. Will also pay for further state pension years if needed (he is currently registered for our DC's child benefit and getting credits).

Mangoesintoapub · 12/02/2025 20:37

Hoe much SP will you get? Have you checked online?

Chillilounger · 12/02/2025 20:38

Is that £1500 a month before or after tax?

Chocoholicnightmare · 12/02/2025 20:40

If you split up and divorce, you'll only be entitled to half his pension. How old are your children? I went back full time (after being part time) when my youngest was 11. Now I'm divorced...

Original poster
greenvoid · 12/02/2025 20:40

@Whycanineverthinkofone I am, but I know that realistically it'll be at least 4 years before I do. That is circumstantial and not something I really want to go in to.

Yes it's not stable if we divorced but I really hope that we don't!

OP posts:
helpfulperson · 12/02/2025 20:43

Many people raise families on that. Is it Defined Benefit, in which case it will increase with inflation or Defined Contribution in which case it depends what is done with it. To get a fixed sum like that an annuity will have to be bought.

Original poster
greenvoid · 12/02/2025 20:43

@Chillilounger after I think.

OP posts:
throwaway24 · 12/02/2025 20:48

How old are you, and are you really planning on never working yourself? I would absolutely not rely on someone else's pension. Anything could happen in the meantime. How old is he?

Overthebow · 12/02/2025 20:50

Personally no, it wouldn’t be enough but it depends what kind of lifestyle you want. It’ll probably pay for the basics of bills and food plus a little extra.

therattlebag23 · 12/02/2025 20:56

It's £18k a year, that's not bad at all. Presumably you also have the option to downsize your house and release some money that way? (And also reduce living costs.)

But personally in your shoes I'd get back in the workforce asap and start earning some money. It's much better to be master of your own destiny.

coldcallerbaiter · 12/02/2025 20:59

There is no way you will get less than 12 years NI, due to child benefit. If iyou do not claim but are registered you’ll get NI credits. Log in to gov gateway and double-check.

polinkhausive · 12/02/2025 21:03

I think it would partly depend on how high maintenance your house is - if it is a period house where things are constantly going wrong Vs a modern property

If you think it's insufficient your main options would be downsize/move to a cheaper area in retirement or, you know, get a job

Whycanineverthinkofone · 12/02/2025 21:03

Overthebow · 12/02/2025 20:50

Personally no, it wouldn’t be enough but it depends what kind of lifestyle you want. It’ll probably pay for the basics of bills and food plus a little extra.

Yep- I want to retire early and enjoy it, be able to travel, see the kids, support them in their lives.

i don’t want to be stuck at home paying the bills but with no real “fun” money.

my bills currently without the mortgage are about £700.

then there’s things like travel, road tax, car insurance, house insurance. That takes off around £200 a month. That gives you about £200 a week to feed and clothe yourself, pay for petrol, save for boiler/dishwasher/washing machine replacements.

is the house in joint names? If he dies will it automatically pass to you, or will he need to leave it to you in a will. This is what you need to check. If it’s in his name he could leave it to anyone.

what if he dies before the mortgage is paid? Will you be left paying that out of your £1500 too? If the kids are still young as well does that leave you trying to support 3 kids, pay a mortgage and everything else on £1500?

does he have life insurance? Do you?

theboffinsarecoming · 12/02/2025 21:08

"DH tells me how lucky I am to A) get this amount without working for it"

Does he now? And were you sitting at home twiddling your thumbs all those years?

CoralOP · 12/02/2025 21:10

If the 6 years you have earned so far was before children then you need to add the years you raised children upto the age of 12 as these are paid automatically.

Then you can also buy some years if you are short aswell as any you will get from going back to work.

Make sure you check your NI record on the government gateway site and maybe speak to a pension advisor x

Constantsoul · 12/02/2025 21:11

It’ll be a frugal existence on that amount. I would be taking steps to add significantly to it while you can.

Notquitegrownup2 · 12/02/2025 21:18

Partly depends on what part of the country you live in and whether you will be needing to travel to visit children/grandchildren, which can eat money. It would be very sensible to earn, get something on your CV and get more years towards a state pension. Remember it can also release other benefits too (like winter fuel payments, if they ever return).
£1500 PCM is manageable now if you are careful, but who knows what is going to happen to fuel costs, food prices, petrol prices etc in future . . .

cramptramp · 12/02/2025 21:22

Why don't you get a job?

Princessfluffy · 12/02/2025 21:30

You can best answer this question for yourself by using a zero based budgeting approach to model your future costs eg add up your council tax, utilities, costs of insurances, haircuts, car related costs etc etc. money saving expert has a free budget calculator that you can use.

PhilomenaPunk · 12/02/2025 21:34

"Dh tells me how lucky I am to A) get this amount without working for it" @greenvoid what a peach your DH is OP. So carrying, birthing and raising his children isn't work? I hope for your sake you come up with a plan B because if this is what he thinks of you it isn't a good omen.