Pensions for self-employed

Jojo_fry

Hi everyone,


Sorry if there's already a thread about this, I couldn't see one, but would anybody be able to fill me in on what sort of pensions are best for people who are self-employed please?


Thanks,


Jo

xylophone

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

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

Do you have your own company or are you a sole trader?

dunstonh

Sorry if there's already a thread about this, I couldn't see one, but would anybody be able to fill me in on what sort of pensions are best for people who are self-employed please?

No difference to an employed person, apart from no occupational/workplace scheme available.

There is no one-best-option. It depends on what you are looking for. Much the same as most retail products. Some features may appeal, others not.

Jojo_fry

I'm not self employed currently, I'm thinking of starting my own business, just looking into some of the things I need to weigh up, such as losing out on a workplace pension.

atush

If you set up a limited company, there can be tax advantages to running your own 'company pension' in that the company pays the pension contribs and it is a cost on the balance sheet meaning you pay less corporation tax (and company nics).

But that depends on turnover, if it will be worth forming an LC. Aside for that, you can open up any personal pension. But be aware if you lose employers contrib, you'll have to save at least twice as much.