Situation is this:
Husband - defined contribution pension scheme, currently not making AVCs.
Me - made redundant last year, DB pension, which is apparently going to be wound up in the next while.
When I was made redundant, the pension was paid up (is this the correct term?) - I left it where it was cos wasn't sure what I was going to do. I've been at home since, and realistically will probably remain at home for a few years as we have young children. This will obviously impact my finances at retirement, as when I do go back into the workforce I'll have a number of years to catch up (and will probably be starting back on a low salary).
We're going to clear the mortgage in the next 2-3 months which frees up some of our monthly income. The question we face is - should we do AVCs into his pension, or start paying into mine when I decide what to do with it (PRSA or whatever). Obviously there would be a tax benefit to Mr 3dolls. As I'm not currently working, and therefore paying no tax, does this mean that I wouldn't get any tax benefits on any contributions I would make?
Would it be foolish to put all our money into his pension, possibly leaving me destitute in my old age?! I'm just trying to look at all eventualities....