Help with pension - self employed

fuzzyhead1

Hello, I'm self employed so have never had a pension (never been able to afford it which is obvious worrying).

Last year I did some work PAYE and built up a few contributions on that compulsory government thing. I've since left and the pension provider has written to me to say that I have to choose whether to get my contributions back, which if I do this I lose the companies contributions. Or I can transfer the whole amount to another pension. The problem is that I don't have one, know very little about them and need to sort it quickly. It's not a huge sum of money but I'd rather not lose it.

Someone said to me that I should make sure I take out one where I can get the money out if I need it but is that even possible?

I initially was thinking of taking out a LISA until I realised I'll be too old to qualify.

Thanks

dunstonh

Someone said to me that I should make sure I take out one where I can get the money out if I need it but is that even possible?

That is not possible. Pensions are called pensions for a reason. The money is not accessible until over age 55.

I initially was thinking of taking out a LISA until I realised I'll be too old to qualify.

Plus LISA is not a pension and cannot accept transfers in from pensions.

You need a pension.

fuzzyhead1

Oh really. Everything I read said that you can use a LISA to either save for a home or to save towards retirement. Anyway it's moot as I'm too old.

xylophone

You may find something here
https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

https://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/transfers-and-repensioning/

fuzzyhead1

Also, do building societies do pensions? It looks like banks don't?

dunstonh

fuzzyhead1 wrote: »

Oh really. Everything I read said that you can use a LISA to either save for a home or to save towards retirement. Anyway it's moot as I'm too old.

Yes, the LISA can be used for retirement planning as can a range of other tax wrappers and investment products. However, it is not a pension.

Also, do building societies do pensions? It looks like banks don't?

Most banks and building societies pulled out of advice. They were the worst place to buy these things historically.

robber2

fuzzyhead1 wrote: »

Oh really. Everything I read said that you can use a LISA to either save for a home or to save towards retirement. Anyway it's moot as I'm too old.

In just the same way you can use a jamjar full of £1 coins to save for home or retirement. Doesnt make it a pension though.

you may find it useful to develop your understanding of pension options by doing a bit of research; this is as good a place to start as any;

https://www.gov.uk/personal-pensions-your-rights

as is this;

https://www.citizensadvice.org.uk/debt-and-money/pensions/starting-a-pension/choosing-a-personal-pension/

good luck

Rob

fuzzyhead1

This thread is my research

I think realistically I'm going to have to find a financial advisor.

xylophone

I think realistically I'm going to have to find a financial advisor.

An independent financial adviser...

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

fuzzyhead1

Thanks everyone