Pensions

joannefield

My husband and I have a small Ltd electrical company and would like to start paying into a pension fund, payments coming from the company rather than our personal accounts, also helping to get down our corporation tax. Do we start a company pension fund or personal pensions taking into account that the monthly payments will come from our business account. Can anyone advise please?

dunstonh

Do we start a company pension fund or personal pensions taking into account that the monthly payments will come from our business account. Can anyone advise please?

You dont have enough employees (and probably money) to start a company pension scheme or group scheme. So, you each should start an individual stakeholder, personal pension or SIPP with employer contributions (all plans do this).

The best option will depend on ages, amounts, how you want to invest and how you want to buy etc.

MikeJones_2

Hi joannefield,

I'd recommend that you find an IFA who specialises in pensions (and you should ask if they have advised similar situations like yours so you can try to gauge experience and expertise). A good IFA will look at your complete set of circumstances, personal and business and make recommendations to suit you accordingly.

There are many different types of registered pension schemes such as PPP, GPP, SSAS, Sipp, CIMPS, COMPS, Cash Balance, Hydrid (a mix of Defined Benefit and Money Purchase).

SIPPS are flavour of the month in financial services. Here's a website that compares SSAS with Sipps for example: PensionPractitioner.com (it's not a recommendation to use them - I'm just showing you that there's a lot to consider).

A good pensions IFA will be worth his/her weight in gold and invaluable for your retirement planning.

Mike Jones

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.