Pension Plan for a Professional Artist?

Twointhebush

I'm a professional artist and have achieved a regular income for the past 4 years by selling paintings (my only income currently). I get the occasional windfall when I sell a larger painting or get a commission. Apart from some ISA savings I don't have a pension plan. I'm due some inheritance and will have a sizeable sum to invest. I pay Class 2 NI contibutions. I'm tempted by a personal pension, but I don't really want to have to spend too much time thinking about how to invest money and know very little about it anyway. So a Stakeholder pension might be a better idea for me? I don't really know? I'm aiming to get started before the end of this tax year, mainly so that I can spread my inheritance over this year and next, if necessary. There's some advice in the 'Artist's Newsletter', but I would appreciate any ideas or advice on how to get started.

Thanks,

xylophone

You could consult an IFA.

Retirement Adviser Directory here

https://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

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

https://forums.moneysavingexpert.com/discussion/comment/73580910#Comment_73580910 see post 8.

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

BLB53

It's good that you are thinking about this as it is easy to let things slide. First of all I suggest get hold of Edwards' 'DIY Pensions' book and see if you may be able to do a simple DIY pension by setting up your own SIPP.

It can be fairly straight forward..a pension is just a long term savings plan with tax advantages and a SIPP is just a wrapper similar to an ISA. When you open your SIPP you can pay in regular monthly payments via DD or a lump sum. You then select a simple low cost all-in-one fund for your investments such as Vanguard Lifestrategy or Vanguard Target Retirement and that could be all there is to it depending upon how simple or complex you want to make it.

Twointhebush

Thanks for the advice - it'll take me a while to digest everything. But the SIPP has caught my eye, especially as it seems I can include a commercial premises. In my case a studio that is part of my pension sounds very interesting. I currently work from home, my wife rents a studio (about £1200/year). There must be a catch, such as Capital Gains, limitations on how much a premises could be bought for?

xylophone

https://www.ftadviser.com/2015/01/08/pensions/sipps/rules-for-investing-in-property-in-a-sipp-2xnc5pQbcU6ZPNaYc1bDFO/article.html