Self-employed, want to start a pension

cashewnut

Hi there,

I was just wondering if anyone could give me any advice for a good pension to start with? I don't know anything about them and feel daunted that my choice is going to affect my financial situation in my retirement years.

I have been self-employed for seven years and am 30 (I know I should have started a pension earlier!). My income does vary but for the past couple of years I have earned 37 and 38 k respectively.

I'm getting married next year and hope to have children in the not-too-distant future so would want to reduce my contributions whilst I'm not working/working part-time.

Would anyone recommend the government pension scheme NEST?

Thanks in advance for any help at all!

xylophone

You could see an IFA https://www.unbiased.co.uk/
Or something here might suit http://www.cavendishonline.co.uk/pensions/

https://www.moneyadviceservice.org.uk/en/categories/work-pensions-and-retirement

https://www.gov.uk/new-state-pension/overview

dunstonh

Would anyone recommend the government pension scheme NEST?

NEST is not a government pension scheme. It has it's purposes for workplaces with small employee numbers. However, I cant see any attraction for a self employed individual. What attracted you to them?

cashewnut

Thanks for the replies guys.

I only had a brief look at NEST and I was attracted by its low fees and flexibility. However I've read a couple of articles on it which aren't raving about it.

I just want something simple that I don't really have to worry about, where I pay in an amount each month (probably 200-250) but can reduce this if my income falls.

xylophone

I just want something simple that I don't really have to worry about, where I pay in an amount each month (probably 200-250) but can reduce this if my income falls.

Stakeholder?

https://www.moneyadviceservice.org.uk/en/articles/pensions-for-the-self-employed

"Stakeholder pensions have a number of advantages. They have relatively low charges and are flexible - an important consideration if you’re self-employed and have irregular income patterns."

Post 9
https://forums.moneysavingexpert.com/discussion/comment/67392511#Comment_67392511

cashewnut

Xylophone, that's exactly where my research seens to be taking me! The Scottish Life one seems to be recommended. Thanks a lot for taking the time to reply.

atush

Do be aware once you are not working, you will be limited to contribs of 2880 per annum.

cashewnut

atush, do you mean for eg. maternity leave? Hopefully it won't be a problem.

I was planning to put spare cash outside of my pension (if any) into ISAs although obviously I won't get tax relief on these.

xylophone

See https://forums.moneysavingexpert.com/discussion/5144815 post 19.