Musicians Union Pension Scheme

guntherbuffalo

I am a music teacher that works both for a council music service PAYE and privately on a freelance basis. My income is about half and half from each. I am 30 years old.

With the music service I pay into a Teachers Pension Scheme, I am looking for another pension to top up from the money I get from freelance work.

I have been looking at the Musicians Union Pension scheme:

http://www.hencilla.co.uk/assets/Uploads/MUPS-Sample-Illustration-08.2.pdf

Does this seem like a good option? Or does anyone know if there is an option to pay extra into my Teachers Pension Scheme and whether that would be a better option?

Thanks and happy new year! :j

guntherbuffalo

It also says on the MUPS site that at 65 you would be likely to get a level pension each year of £1,790. Do they mean I would get that each month?

THanks

central

No that's annual pension I'm afraid

xylophone

A personal pension might suit.

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

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

guntherbuffalo

Thanks for the info.

Would another good option be to open a lifetime ISA alongside my teachers pension rather than a private pension?

xylophone

http://www.moneysavingexpert.com/savings/lifetime-ISAs

guntherbuffalo

Splendid! Might be a good option for my freelance work as it is self employed and I am Basic Rate Tax.