First pension for self-employed 47-year-old

louisecf · 5 January 2021 at 8:00AM

Hi, I’m a 47 year old self-employed dog groomer and looking for a pension.

I’ve never had one before so I have no clue what I’m looking at or what to choose.

When I started dog grooming 2 years ago I began to save in an ISA for my retirement.

My husband had a really good Final salary pension so we thought we’d be ok on that.

His firm have recently stop the FSP and he’s going to be alot worse off.

Unfortunately last year was so financially straining for me I’ve used most of the money in my ISA.

I need to find a pension that I can pay around £250 a month into.

At the moment that’s going to be a push but I’m hoping things will pick up. I need something flexible so if I have to stop or reduce I can. But also hopefully increase payments.

I don’t really understand any of them.

If anyone has some tips or can point me in the right direction that would be amazing. Thanks

Alexland · 5 January 2021 at 9:14AM

I would suggest the immediate priority is to rebuild your cash emergency buffer before locking money away in a pension. After that if you just want something simple then a Legal & General SIPP invested in one of their multi index funds or for something more advanced and slightly lower cost maybe a Vanguard SIPP. Also worth checking your state pension forecast and seeing if there are any options to improve it.

Adyinvestment · 5 January 2021 at 9:44AM

I am self-employed and have recently set up a Vanguard SIPP

Very easy and straightforward and I found the website very intuitive, they have a limited range of their own funds to choose from but more than enough for the novice investor in my view. The funds are well explained and you can switch between them with ease. Fees are very reasonable.

sevenhills · 5 January 2021 at 10:20AM

I am ten years older, but I recently started saving in a ISA, when really it should have been in a SIPP. I am now moving my money over into a online HL SIPP. For me it is just a matter of waiting for the shares increase in price, before I sell and move the money.