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    • mightyimp1
    • By mightyimp1 12th Jan 18, 11:47 AM
    • 2Posts
    • 0Thanks
    Self-Employed Pension Advice - aged 27
    • #1
    • 12th Jan 18, 11:47 AM
    Self-Employed Pension Advice - aged 27 12th Jan 18 at 11:47 AM
    Hi all.

    Happy New Year.

    I'm certainly not 'old' but I probably am not so 'young' anymore. I have to start thinking of when I'm certainly much greyer!

    I am self-employed and wondering what is the best thing for me to do regarding a pension. It was just something my Mum mentioned recently and I think it'd be wise to put some wheels in motion. Would it be a private pension? Savings? Any info is appreciated as I'm a bit of a novice and don't want to make an error of judgement!
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    • greenglide
    • By greenglide 12th Jan 18, 12:07 PM
    • 2,970 Posts
    • 1,921 Thanks
    • #2
    • 12th Jan 18, 12:07 PM
    • #2
    • 12th Jan 18, 12:07 PM
    Are you truly "self employed" as in a sole trader or do you have a limited company of which you are a director? It you are a limited company you are not self employed.

    Getting your employment status right matters for pensions but many people get it wrong here.
    • BLB53
    • By BLB53 12th Jan 18, 12:10 PM
    • 1,194 Posts
    • 974 Thanks
    • #3
    • 12th Jan 18, 12:10 PM
    • #3
    • 12th Jan 18, 12:10 PM
    A popular option for the self employed would be to start your own SIPP with one of the low cost online brokers such as AJ Bell Youinvest. You then set up your monthly DD and select one or more funds to invest in.

    I like the all-in-one Vanguard Lifestrategy range for simplicity but their Target Retirement funds would be another option.

    It does not need to be much more complicated really.

    If you want to explore a DIY pension in more detail then I recommend get hold of the book 'DIY Pensions' by Edwards and see if it makes sense.

    If you do not want to diy, then you can consult an IFA who will charge a fee or you can look at the robo-advisor alternatives such as Nutmeg or Moneyfarm for example.

    The main advice I would give is to actually do something and make a start.
    If you choose index funds you can never outperform the market.
    If you choose managed funds there's a high probability you will underperform index funds.
    • xylophone
    • By xylophone 12th Jan 18, 12:20 PM
    • 24,037 Posts
    • 14,041 Thanks
    • #4
    • 12th Jan 18, 12:20 PM
    • #4
    • 12th Jan 18, 12:20 PM

    may be worth a read.
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