Have I left it to late to start a pension ?

Robbie_Alan

Hi members,
I am a 58 year old male that never did start a pension, my excuse is that I have been self employed for over 30 years and just never got around to it.
My question is can I start a pension at 58 with my savings ( around £20,000 ) ?
I should add that I am currently off work with a long term disability,  so what type of pension can I / should I start with my savings pot ?

Many thanks

Dazed_and_C0nfused

What do expect your business profit to be in the current tax year?

xylophone

Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pension

Robbie_Alan

Dazed_and_C0nfused said:

What do expect your business profit to be in the current tax year?

£0  as I stated I am off work with a disability.

Have you obtained a state pension forecast?
Yes I have.

Dazed_and_C0nfused

Then you can only contribute £2,880 net, which the pension company will add £720 basic rate tax relief giving you a pension fund of £3,600.

You could do this twice in the next few weeks.  Once before 6 April and again after 5 April.

Robbie_Alan

Dazed_and_C0nfused said:

Then you can only contribute £2,880 net, which the pension company will add £720 basic rate tax relief giving you a pension fund of £3,600.

You could do this twice in the next few weeks.  Once before 6 April and again after 5 April.

Ok thank you, Any recommendations as to what pension company i should use ? Am I right in thinking Nest is a UK government pension provider ?

xylophone

Nest is a UK government pension provider ?

https://en.wikipedia.org/wiki/National_Employment_Savings_Trust

It doesn't provide a "government pension" - it was a scheme set up to facilitate auto enrolment as above.

You are proposing a modest annual contribution.

You might try a stakeholder.

https://www.cavendishonline.co.uk/stakeholder-pension

When do you plan to access the pension?

Robbie_Alan

When do you plan to access the pension?
I am 58 at the moment so maybe 67 or sooner if my financial circumstances change .
Thanks