help needed on starting a saving inverstment or pension?

vegvan

hi, want to start a pension but dont want to be tied to a system that i have to pay for even when i am not working, would like a system where i can pay as much or as little as i like that i cant touch for long periods of time and has high interest. Self employed so not in a position to pay for a pension on the months i do not work.
never had a pension before and not too sure how they work??
Regards

dunstonh

want to start a pension but dont want to be tied to a system that i have to pay for even when i am not working

No problem. Most modern contracts in pension or ISA form are pay as you go effectively and allow you to make ad hoc payments, stop, start, up, down as you see fit.

that i cant touch for long periods of time

Pensions you cant touch to retirement. Hence why they are called pensions. So, is that the long time you are looking for?

and has high interest.

Investments dont pay interest. That isnt how they work. Whilst you can hold a savings type account in pensions and ISAs, typically it is not the best thing to do. So, you will need to learn about investments if you intend to arrange this all yourself.

Self employed so not in a position to pay for a pension on the months i do not work.

Fair enough but also remember that self employed get lower state pensions than employed. Just £4700 a year. So make sure when you work you do remember to contribute to your retirement provision as I am sure that you wouldnt want to rely on just that amount.