Starting a pension

patrikmac

I'm 33 years old and have been self employed for 15 years, I've managed to save a decent amount of money in that time (100k+) but have never paid into a pension, now with marriage and starting a family on the horizon I'm starting to worry its something I should be doing but I've no idea where to start, I spoke to a financial advisor about it but some how got the impression he didn't have my best interests at heart and didn't see things through with him, he had suggested I pay about £200-£250 into any pension I set up which I would be comfortable with, Is it possible to use some of my savings to buy back years that I hadn't paid into one? Any advice would be very much appreciated.

xylophone

You can pay up to your earned income into a pension subject to the £40,000 annual allowance.

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

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

http://www.cavendishonline.co.uk/pensions/

Regarding state pension for you and your spouse

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

Marriage and children - don't forget insurance/assurance.


https://www.moneyadviceservice.org.uk/en/articles/personal-insurance-when-youre-self-employed

http://www.moneysavingexpert.com/insurance/cheap-life-insurance

Need an IFA ? You could ring round re service/fees.

https://www.unbiased.co.uk/

AlanP_2

Haven't checked all the links provided above but you can also pay into a pension for your OH as well remember, even if they are not working and have no income (£2880 pa pad in grossed up to £3600 by HMRC).

Are you self employed via a Limited company as that opens up other options for getting money into a pension with potential tax advantages?

greenglide

Are you self employed via a Limited company

There is no such thing as "self employed via a limited company".

You are either self employed (a sole trader or similar) or you are employed.

If you happen to own, be a director of or otherwise own your employer that does not make you self employed.

This includes personal services companies, contracting in IT etc.