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Self employed, higher rate... Pension advice. Thanks
Alphamare
Posts: 701 Forumite
I think (I have tried really hard to do my research) that if hubby starts saving into a pension it will help him save tax. Possibly even bring him under the threshold? I think he pays the higher rate at around 6-7k per annum.
Am I right?
How do I go about choosing a pension plan for him?
Do you have any suggestions?
Although he is self employed in the ten years we have been together I have taken over running his business, saving etc. he had debt before I met him and now we are buying a house! That's why I'm here doing all those research now as it's just not his forte.
Thanks.
Am I right?
How do I go about choosing a pension plan for him?
Do you have any suggestions?
Although he is self employed in the ten years we have been together I have taken over running his business, saving etc. he had debt before I met him and now we are buying a house! That's why I'm here doing all those research now as it's just not his forte.
Thanks.
If you dont know where you are going... Any road will take you there :rotfl:
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Comments
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Yes that's right. He can probably save more money if he used a limited company instead of sole trader (if he hasn't done this already).I think (I have tried really hard to do my research) that if hubby starts saving into a pension it will help him save tax. Possibly even bring him under the threshold? I think he pays the higher rate at around 6-7k per annum.
Am I right?
I'd suggest you research a few first and then come back and ask questions about them instead?How do I go about choosing a pension plan for him?
Do you have any suggestions?
Choose a provider based on reputation, charges, administration, flexibility, and fund choices.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest/employer-contributions
might be worth a read.0 -
How do I go about choosing a pension plan for him?
Research, analysis and due diligence if you plan to DIY. Or use an IFA if you dont.Do you have any suggestions?
We dont know who would be best for his circumstances and needs. There is no one best option. Generically, SIPPs are the minority option aimed at experienced investors wanting more advanced options. Stakeholders a basic option where you cant make many mistakes but its unlikely to be the most cost effective (but equally not that expensive - a cant do wrong but wont be best in most cases option). A personal pension fits most people nowadays but it wont be right for all.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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