Self Employed, No Pension Plan 🙈

bianchigirl

Letspretendforaminute:
Nice to hear you're in such a fortunate position, achieved by hard work I'm sure.
I would never ask him to quit a job he loves and is great at, as I'd never expect him to ask me to leave mine.

It actually works in our favour with childcare. When I'm working, he's not, and when I'm not at work, he goes coaching. It's only seasonal in so far as he is extremely busy in summer when people want to play golf Alot, and quieter during winter. The flexibility of his self employment is vital for supporting my job where I can be called away with very little notice.
He also does coaching at schools, which is year round, as well as some shifts at the club.

With respect to his BTL, that only came about because we moved into my house, and the extra that makes every month is very useful. We've got some great tenants in who are both working professionals not "the lower echelons of society" as you so nicely put it,, they've been there for 4 years now, we have some money put aside for maintenance but there's nothing anticipated for the next 5 years at least, and no management fees etc to pay. So, again, it's a good thing for us.

Thank you for your other suggestions :money:

bianchigirl

LHW99:

So you think he should opt for a SIPP/personal pension rather than a LISA? And if so, why do you think that?

I can indeed gift him some money, I just want to make sure we put it in the right place.

xylophone

So you think he should opt for a SIPP/personal pension rather than a LISA? And if so, why do you think that?

Pension tax relief?

Let's suppose he earns £30,000 a year from his coaching jobs.

He could pay up to £24,000 a year into a personal pension and the provider would claim tax relief of up to £6000 and add it to his pension.

xylophone

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