Sole trader pensions confusing me

Confused83_2

Basically i was with a company for 10 years and paid into a pension. Since leaving this pension has been frozen. I asked if i could pay into it now im self employed and they said no. Im now at a loss as whats best to do.

Ive heard you cant pay into 2 pensions. Most companies ive called all say they dont accept self employed pensions. Then the more i read online it says capital at risk. Its all really confusing for someone whos not savvy with financial plans like this. I havent a clue where to turn. I even considered saving myself but is that a viable option?

Confused83_2

Im not even sure if im paying into my state pension any more.

Brynsam

Confused83 wrote: »

Basically i was with a company for 10 years and paid into a pension. Since leaving this pension has been frozen. It isn't frozen' - depending on the type of pension it is, it will be increasing in value in relation to inflation, or in relation to the value of the funds in which you are investedI asked if i could pay into it now im self employed and they said no. Im now at a loss as whats best to do.

Ive heard you cant pay into 2 pensions. You canMost companies ive called all say they dont accept self employed pensions. Sounds as if a simple stakeholder pension would fit the bill given you are currently not very pensions-savvy Then the more i read online it says capital at risk. Its all really confusing for someone whos not savvy with financial plans like this. I havent a clue where to turn. I even considered saving myself but is that a viable option?

Have a look at https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics and give them a call for a chat. Free and impartial, TPAS won't try to sell you anything.

Brynsam

Confused83 wrote: »

Im not even sure if im paying into my state pension any more.

Are you paying NI?

Get a state pension forecast online + other useful info: https://www.yourpension.gov.uk/?utm_source=google&utm_medium=cpc&utm_campaign=GTKY-APR18-MAR19&utm_content=D&gclid=CPCUx6zIpN0CFcW4GwodEKEKJw&gclsrc=ds&dclid=CPvZ0KzIpN0CFRdsGwodoXoBSA

xylophone

Basically i was with a company for 10 years and paid into a pension. Since leaving this pension has been frozen

It won't be frozen.

Was it a defined benefit pension or a defined contribution pension?

You can open a pension plan.

Example

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

https://www.pensionsadvisoryservice.org.uk/about-pensions/saving-into-a-pension/pensions-and-tax/tax-relief-and-contributions

https://www.litrg.org.uk/tax-guides/self-employment/what-national-insurance-do-i-pay-if-i-am-self-employed

Confused83_2

Thanks everyone for the quick replies. Ill contact the top one for a chat and looks like ive got more sense off here in 5 minutes than ive found in the past 2 weeks haha.

Do most self employed go the pension route or lifetime isa?

atush

Many do both.

and sort out your national insurance.