Pension advice for self-employed

Horsin

All good reading, thanks xylophone.

The Telegraph article reiterates what I have found - a lot of self-employed people are not looking at pensions. I asked a few freelance friends today who they used as a pension supplier....guess what? They didn't!

I'd found the money advice website while researching and it's helped to straighten a few things in my mind. I may well need to use an IFA to talk through the best options for me!

Still some work to be done though......

dunstonh

The Telegraph article reiterates what I have found - a lot of self-employed people are not looking at pensions. I

Silly really as self employed got lower state pensions. They benefit more from pensions.

MadMat

dunstonh wrote: »

Silly really as self employed got lower state pensions. They benefit more from pensions.

I was under the impression that as long as you've paid your Class 2 contributions you'd get the same credit towards State pension as someone employed on a PAYE basis

Mat

Your_Hero

MadMat wrote: »

I was under the impression that as long as you've paid your Class 2 contributions you'd get the same credit towards State pension as someone employed on a PAYE basis

Mat

You do, but self-employed do not accrue SERPS/S2P benefits.

All will change though when the single tier pension comes in.

dunstonh

MadMat wrote: »

I was under the impression that as long as you've paid your Class 2 contributions you'd get the same credit towards State pension as someone employed on a PAYE basis

Mat

As mentioned above, class 2 qualifies you for the basic state pension in the same way as an employed person but self employed did not build any SERPS or S2P entitlement. Whereas an employed person did. Hence, under the current and historic system, the self employed got lower state pensions.

Retyre

dunstonh you've told us that Virgin are "Pretty much one of the worst pensions available on the retail market".

Please would you be kind enough to tell us which pensions you consider to be among the best in the retail market?

Thanks.

dunstonh

Retyre wrote: »

dunstonh you've told us that Virgin are "Pretty much one of the worst pensions available on the retail market".

Please would you be kind enough to tell us which pensions you consider to be among the best in the retail market?

Thanks.

I can't. As a regulated individual, I would need to comply with FCA requirements. They treat the internet as any other medium and if I was to give names, I would need to have the supporting information to back that up.

However, it really shouldnt be that difficult to find better. Look at the guide on this site and it mentions some sources you can look at and there will be enough there for you to spot some of them.

Retyre

Fair enough and many thanks dunstonh