Does you DH pay your pension? A question for SAHMs-particularly-those-who-choose-not-to-return-to-work

[morningpaper]

Pension provision is perhaps my most worrying concern during this time I am out of the paid workforce. I am interested how other SAHMs have dealt with this issue.

Does your DH pay your pension? (or more appropriately, do you both pay into a pension for your from your DH/DP's salary?)

(Personally we are paying a minimum amount into a Stakeholder pension for me. I am aware that this is grossly inadequate and I would frankly be completely shafted if DP and I split up and I was unable to secure a share of his pension. However, because he is in the NHS pension scheme (which, along with the MoDs, if, I believe, one of the best in the country) it makes more sense to pay into HIS pension rather than my stakeholder pension.

I am not naive about my prospects were we to split up, however. In the event that he finds his secretary to be a better, newer wife, or I run off with the ParcelForce Man (he v. nice) then I know we are unlikely to agree amicably over my share of his pension, and I would be facing retirement in relative poverty.)

My Mom is just divorcing her husband and she is getting 1/2 of his (sizeable) pension, the solicitor said that was the norm.

Lizzy: that IS the norm but you CAN cash in your pension beforehand and magic it all away...

And for most of us, half of our house + half of DH's pension actually puts gets us a flat with very little to live on.

Have just started my pension (SAHM so comes out of DH's salary). Was shocked at the returns as you get older. For all you "young" ones out there don't put it off. Even a little paid in now is better than nothing. FWIW I had the same attitude but do now regret it (am 37).

They are both retired so my comment wasn't prob that helpful.....sorry!!!

Lizzlou, is the pension access related to how long you were marries? I am trying unnsuccessfully to get at my ex husband's sizable pension. We were togther for ten years, but married for under a year, my solicitor is rather vague about my rights to his pension. I have however given up work, and therefore stopped my pension to raise dd. I am currently asking for a lump sum covering five years of contributions to my teachers pension as he is flatly refusing to hand over any of his own pension.

Twinset: I think you are entitled to the equivalent of half of his contributions over the period that you had given up work to raise your daughter.

Twinset, I can only go by my Mom's circumstances: they have no children together, but co-habited for 12 years and have been married for 8years (20 years altogether). They are both retired and Mom is entitled to 1/2 of everything, even tho she worked part time and has a very minimal pension of her own.

Thank's lizzylou. So far ahve had nothing from ex husband other than his debts, been trying to get a finiancial settlement for three years with no luck.

I had an equitable life pension, paid in about £10k and it is now worth about £2k. Wouldn't ever pay into a "pension" again. I have just put all my savings into our new company and I just hope that this will be a better investment.

My dad started a new company last year - he is 62 now so I don't think he will be retiring. He has never been happier. Just as well as his company pension disappeared when his company went bust.

Morningpaper, this is a very worthwhile debate that, I think, women should be made more aware of. We are unlikely to get much pension from the state when we get older & given that alot of us take breaks from work at some point during our child-rearing years, we should really be concerned about what we are going to live on when we get old.
Having just been through the divorce process, I know that I have to be entirely self-reliant here. I have been paying into a private pension since I was 23, but I have taken huge payment holidays, without worrying too much because ex-H had such a fantastic non-contributory final salary scheme. I now feel slightly panicky because I'm 36 and currently my pension predictions are looking really grim.
I wish this was an issue that was more high profile as I would really appreciate some good pension advice.

Twinset&Pearls, you are unlikely to be able to make a claim on your husband's pension. I was married for 7 yrs & with my ex for 11 years - won't be getting a bean.

I am a sahm and although DH has an excellent NHS pension forcast when we looked into a stakeholder pension for me we decided to buy a property in my name which we let out but consider as 'my ' pension. He also employes me a shis private pa so I pay NI contributions too.

Sdaly Bugsy that is what I am expecting, although I am still trying to get at least half of my property and to get him to pay off his debt.

I thought the Government paid our pension for us? As a pensioner, can I ask h to do so?

Carla, the State currently pays pensions, but I think by the time I am a pensioner (I'm currently 36) it is highly unlikely that I will get a pension that allows me to live in anything other than breadline conditions. That is why I think we females should be doing more to protect ourselves financially in our old age.
Good luck with your battle TS&P. The courts priority is the housing of the children, so with any luck you may get more than 50% of the property share.

We pay the maximum 234 into my SAHD stakeholder pension... it would be madness not to.. we can not really afford it but at what cost... a load of nice holiday memories now are not going to keep us going when we are 70.. I don not think in a moment we will ever split up but just becos he took decision to look after our kids, he should risk being out of pocket when we give up work...

if we ever split up... I meant to add...

My dh pays for my pension but then did when i was working.....

I married dh because of his enormous...

pension

I now have a work pension, but when I was doing my phd and thus not earning, dh and I paid £100 a month into an ISA for me (we then changed it to a stakeholder pension when they became available). I heard somewhere that you should be saving 10% of your takehome pay for retirement, and 22 is definitely not too young - you need to start saving an even greater percentage if you leave it later!