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Advice on Choosing a Pension Provider for a Self Employed Web Writer



I'm a content creator/web writer/blogger right now with a good income.
Ideally I would like a pension that I put a fixed amount in per month and then top up a little extra if I have a good month or year.
I want to continue paying in a smaller amount when I go back to employment whenever that may be.
I am 33, paid up with NI contributions except one year where I will be topping it up with a voluntary contribution and have a small pension pot of at £1700-2200 p/a from my previous employer. I don't have an to date statement right now for correct figure.
Any advice of where to look and experience of pension providers would be greatly received, thank you in advance.
Comments
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Ideally I would like a pension that I put a fixed amount in per month and then top up a little extra if I have a good month or year.
All of them allow that.
I want to continue paying in a smaller amount when I go back to employment whenever that may be.Some will have a minimum regular contribution level which could be higher than what you would like. So, that could filter some providers out.
Any advice of where to look and experience of pension providers would be greatly received, thank you in advance.As it stands, probably around 90% of providers/product versions meet your criteria.
Any more info to help filter it down?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You might be surprised to find that opening a pension is easy and quick on line, or on the phone if your prefer.
There are quite a lot of reputable providers who will provide the service you want . They all have slightly different charging structures but to begin with this is probably not such a big issue. In any case it also easy to transfer pensions at a later stage.
The main issue that many people overlook is that within a pension you have a choice of investments where your money actually goes, and this is where some thought/ basic investment knowledge is useful whichever pension provider you choose.
Here is a comparison table of pension providers
https://monevator.com/compare-uk-cheapest-online-brokers/
The site in general is also useful for investment pointers . Also the pension providers websites also offer basic investment advice in many cases.0 -
Thank you, I think I had this image it would be hard to set up but looks like it might not be the huge task I thought ha!
Ideally I would like to have minimal involvement in choosing investments etc and being able to see a live value even if mildly estimated rather than a yearly statement, like I have with my other one.
Does anyone have experience with NEST?0 -
NEST is a simple scheme with only a few choices . It is unusual in that it takes a fee every time you invest but on the other hand the ongoing fee of 0.3% is pretty low.
like I have with my other one.
You did not mention another pension ?0 -
EndlessStruggle said:Thank you, I think I had this image it would be hard to set up but looks like it might not be the huge task I thought ha!
Ideally I would like to have minimal involvement in choosing investments etc and being able to see a live value even if mildly estimated rather than a yearly statement, like I have with my other one.
Does anyone have experience with NEST?
A defined contribution scheme, which is what you're talking about if self employed, will normally give you the facility to see the fund value online as often as you wish - but bear in mind that doesn't help much in terms of estimating the pension it would provide, when you have 30+ years to go.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Does anyone have experience with NEST?
NEST was set up to allow small employers operate auto-enrolment schemes for their staff as there were fears that the main pension providers would not cater for the bottom end of the market. It is not a provider that you would typically consider for an individual plan. Although they have moved into that market. It is not a bad option. However, you could pretty easily find others that you would consider better once you apply your filtering.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Albermarle said:NEST is a simple scheme with only a few choices . It is unusual in that it takes a fee every time you invest but on the other hand the ongoing fee of 0.3% is pretty low.
like I have with my other one.
You did not mention another pension ?
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Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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Thank you for all your help, I need to get into research mode. I also plan to open a lifetime ISA once I have bought a house next year and drop some spare money into there. It is tough as I don't know how long my current gig will run for. It seems there has been some errors somewhere on my workplace pension so I also have that to sort out.0
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