Pensions - Newbie

penguins123456

Newbie post - hope not a silly question! 
Myself and my husband are now directors/employees of a small limited company, i am currently searching for a pension scheme to enrol us in and calculate contributions. it seems it would be beneficial for both us and our company to pay in, in terms of saving Corp tax.  (i've looked at the calculator on here that says half your age is percentage you can pay) how is the best way to review and pick a pension provider?  should i be taking professional advice from an IFA now? As a background, i've worked part time for the last 14 years and dabbled in and out of the auto enrol pensions in previous jobs so my contributions would have been minimal.  My husband has been self employed for the last 7 years so has made zero contributions (apart from voluntary via NI for state) but previously served 8 years in the forces so would have paid in then but we currently don't hold details of where/how much this is.  

Greatful for any advise or signposting as to good comparison sites. 

Note i am a novice so please keep abbreviations simple! 

cloud_dog

I believe the most efficient way of getting money out of the business and in to your (deferred) hands in your personal pensions is via direct company contributions.  Personal contributions will not be as effective holistically, as you will pay corporation tax, NICs (?), personal taxation / NICs.

Albermarle

but previously served 8 years in the forces so would have paid in then but we currently don't hold details of where/how much this is.  
Suggest that you find the details .....

should i be taking professional advice from an IFA now?

The value of using IFA's is much debated on this forum with varied opinions. The main drivers are probably 
1) Do you know anything about investments , pensions etc., and if not are you prepared to learn ?
2) The value of the funds involved . Anything below £50K will not be of interest to most IFA's
3) If your financial affairs are more complicated than just savings, investments etc 

penners324

You can set up a company pension scheme, numerous providers but easy ones are NEST, Smart Pension and People's Pension.

They all let you do pension through your payroll (assuming you do payroll), set whatever employer and employee contributions that you like.

penners324

My comment only looks at the scheme. Each also offer different funds to invest the employee's funds into (run separately from the employer site).

dunstonh

Myself and my husband are now directors/employees of a small limited company, i am currently searching for a pension scheme to enrol us in and calculate contributions. 

If you do not have any employees, then you do not need an auto-enrolment scheme (which will be a relief).   Instead, you can use individual pensions (which is what most directors will do).

 it seems it would be beneficial for both us and our company to pay in, in terms of saving Corp tax. 

No.  In the vast majority of scenarios, personal contributions would be wasteful.  Employer contributions would be the way to go.

should i be taking professional advice from an IFA now? 

Apply this to your profession.     Can people DIY in the area of your business?    If so, would you expect some of those people who DIY to do a good job and some of them to make a right pigs ear of it?   For those that would make a right pigs ear of it, do you think your company would have been a better option for them?          

You can set up a company pension scheme, numerous providers but easy ones are NEST, Smart Pension and People's Pension.

Unless the OP has employees, setting up a company pension would not be the way to go.

They all let you do pension through your payroll (assuming you do payroll), set whatever employer and employee contributions that you like.

Although that would not be the best way to do it if there are no employees.

xylophone

My husband has been self employed for the last 7 years so has made zero contributions (apart from voluntary via NI for state) but previously served 8 years in the forces 

He should check on his position.

https://forcespensionsociety.org/2020/10/preserved-pensions-what-who-and-how/

https://www.gov.uk/guidance/pensions-and-compensation-for-veterans

Have you both obtained state pension forecasts?

https://www.gov.uk/check-state-pension

As a background, i've worked part time for the last 14 years and dabbled in and out of the auto enrol pensions in previous jobs so my contributions would have been minimal.

And what exactly is your position in respect of these pensions?

It may be worth considering consolidating them into your new scheme.

For information as example

https://www.pensionbee.com/pensions-explained/self-employed/contributing-to-your-pension-from-your-limited-company

If you need an adviser

https://adviserbook.co.uk/

You would tick "confirmed independent" and such other specialisms as you require when the menu comes up.