NEST and tax relief for self-employed

zagfles

jamesuk1981 wrote: »

Thanks everyone. So if I had chosen a private (say, Virgin Money) personal pension, the tax relief is still done in the same way? That's atleast good to know.

I am a little concerned by all the negative responses to my choice for NEST. I didn't get professional advice - someone said I should look into it, and some of the articles I read online seemed to suggest it was a good option as it was government backed (so I assume quite a safe option) and relatively cheap cost compared to others. The restrictions on it are being lifted next year I think too. I have no real head for investments, so am not looking for something too complicated (i.e making choices about risk levels etc). all I really care about is my money is safe, and wont be put into a company that can go bust and I lose it all AND that I will end up with as much as I can can get with the small amount of money I can afford to put in. Is NEST really so terrible?

No. They've had a few issues, but most negative publicity about NEST seems to originate from those with a vested interest in people choosing other more expensive options or paying for advice. The pensions industry really don't like the idea of a cheap, not-for-profit pension scheme, wonder why?

See this article for instance (& the one I posted earlier): http://www.theguardian.com/money/2012/jun/04/nest-pension-flaws