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Self employed - totally clueless re. pensions - please help

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Hi,

I've been self employed since around 2011 I think and was employed before this. I used to be a civil servant for about 5 years and know I had money being paid "somewhere" towards a pension - thing is, when I left I received no info/paperwork regarding it. Should I have done? Or is this money that I was paying now lost?

I really don't understand pensions at ALL. Anyways, I have been thinking that I really should be paying in to somewhere for my pension as I'll be stuck on the state one when I'm retired? Trouble being, I'm a single Mum to a preschooler so on a low wage.

Can anyone please, please help me? I have no idea where to even start? Or is there anyone I can email and ask? Really lost!!!

Thanks in advance.
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Comments

  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You will have a Final salary deferred pension with the CS. Contact them to get a statement.

    It wont be a pot of money, but a set of benefits to be paid to you at retirement. It is very valuable, and better than anything you could do with the money.

    Going forwards, you need to still contribute to a pension. So you can set up a PersonalPension or Sipp.

    You can also decide to become a limited company, and have the company contribute to the pension instead.

    I presume you are paying NI contributions for yourself?
  • Many thanks! I wouldn't even know how to contact the CS :/

    I volunteered to pay NI contributions - I don't have to as on such a low wage but decided it was for the best.

    What's the best way to set up a personal pension please? I really don't know what I'm doing - but I'm 37 so panicking that I'm not saving anything yet. I can't really afford to put much aside either, I don't save any money as it is so it'll be a struggle for me.

    Thanks for your help!
  • teggy
    teggy Posts: 72 Forumite
    Part of the Furniture
    Why did you decide to pay NI when your wage is too low? As a single Mum, if you are receiving child benefit you will qualify for NI credits to go towards your State pension

    https://www.gov.uk/child-benefit/what-youll-get
  • GunJack
    GunJack Posts: 11,840 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    the current CS pension administrator is MyCSP

    https://www.mycsp.co.uk

    Address: Park Square, Cheadle, Stockport SK3 0XN, UK
    Phone: 0300 123 6666

    also useful may be
    http://www.civilservicepensionscheme.org.uk/
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • AlanP_2
    AlanP_2 Posts: 3,519 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Many thanks! I wouldn't even know how to contact the CS :/


    Go here for a starting point to find out what your CS pension may be worth to you when you retire:

    http://www.civilservicepensionscheme.org.uk/members/deferred/

    There is information in general there as well as contact details for the administrators.

    Don't panic about it all - you will get lots of helpful suggestions on here.
  • atush
    atush Posts: 18,731 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    teggy wrote: »
    Why did you decide to pay NI when your wage is too low? As a single Mum, if you are receiving child benefit you will qualify for NI credits to go towards your State pension

    https://www.gov.uk/child-benefit/what-youll-get

    I agtree, and missed the low wage part. So stop making contribs if you are doing so- you'll get CB credits until your youngest is 12.

    And if money is tight, make sure you have a cash emergency fund of at least several months outgoings before you open up your own PP.

    Any chance of getting a job with a pension once your youngest goes to school? Could be a good move for you, esp if you can get back into the CS.
  • Wow thanks for all the responses!

    I am paying contributions because back when I became self employed, someone advised me to :S It's just a DD which I wouldn't know how to stop anyway. See how clueless I am!?

    I hope to get a better job once my daughter is at school - or just take on more self employed work
  • GunJack
    GunJack Posts: 11,840 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Wow thanks for all the responses!

    I am paying contributions because back when I became self employed, someone advised me to :S It's just a DD which I wouldn't know how to stop anyway. See how clueless I am!?

    I hope to get a better job once my daughter is at school - or just take on more self employed work

    ask your bank/do it on online banking to stop a dd
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • Thanks everyone. So can someone confirm that I can stop paying NI contributions and it won't effect anything for me? What about possible maternity leave in the future?

    Really appreciate all your help
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Are you anywhere close to being 55 years old, unlikely but possible with non-conventional families?

    Have you checked eligibility for tax credits?

    While people here are generally keen on pension contributions, your circumstances and the future changes in only a few years suggest that it isn't really the best time to be making them. A few years of gap won't do significant harm to you final retirement situation.
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