Penfold Pensions for Self - employed

TRed4

I have honestly no idea about pensions - I’ve got two tiny ones from part time jobs I had when my kids were small that aren’t worth the cost of posting out the annual papers they send me! I’ve been self employed now for the last six years but have no pension. I have a retirement LISA but nothing else. I keep seeing adverts for Penfold Pensions, that are only for self-employed people - that get added to by the government. Just wanted to ask whether anyone knows about them and whether they are worth me investing further. Thanks 😊 

dunstonh

 keep seeing adverts for Penfold Pensions, that are only for self-employed people - that get added to by the government.

A quick look at their website gives me the impression that they are marketing towards lower earners (focus is on basic rate relief with no mention of higher rate) and their product pricing suggests they are looking at lower values (as it's not competitive unless its low value).  Also the fact their minimum contribution is just £10 (which is much lower than many pensions).   Also, the way they describe their pension is dumbed down (and potentially technically incorrect in the case of limited companies - although clarified correctly elsewhere in their FAQ).  Suggesting they are aimed at the lower knowledge individual as well.

First impressions are that it is just like many of the other robo-guidance pensions out there.   Same limited investments, same ballpark costs. Generally aimed at lower value pensions/contributions.   Aiming at the simplicity and quick target market.  And like most robo-guidance options it will be perfectly suitable for those that fit that target market.

However, with a bit more effort and work on your part, you can halve the costs and get similar investments.  If you dont want to put that effort in, then Penfold or one of the other robo services will be fine for you.        These are just my impressions from looking at their website.  I had never heard of them before but then most robo-guidance services haven't been going long.

If it helps you shop around more, there hasn't been a self-employed specific pension for a couple of decades.  ALL retail individual pensions (stakeholder pensions, personal pensions and SIPPs) offer the same terms and features for the self employed or employed.   Any restriction to offer to a particular market is a marketing choice rather than product type.

Dh6

I’m self employed and have recently started my pension at 33. I’ve spent a fair few hours researching SIPP’s and diy pensions on here and elsewhere. Anything I wasn’t sure about I asked on here and received some excellent guidance. I’d suggest it’d be beneficial for you to do the same. Best of luck 

Dox

TRed4 said:

I have honestly no idea about pensions - 

We believe you! Rather a lot of people in just the same boat... Try reading https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics. If you need further (free and impartial) help/clarification, you can contact TPAS either online or by phone. They can't give financial advice (such as "we suggest you put £x in the xxx pension plan") but just getting a better grasp of the basics should enable you to make a more informed choice.

barnstar2077

I would personally read up about SIPPS and global index funds instead of trying a relatively unknown company.

Once you have picked a platform and a fund to invest in you can pretty much forget about it for a while, so it is worth doing a bit of homework now.

Pensioncraft has some nice videos to get you started:

https://www.youtube.com/watch?v=ivKpn_-F2oI&list=PLlqeAQqQK7TcG9QNlRJ_QjI8iX_q_I8jo&index=2