Pay into as you can pension scheme?

Hawksmith

Is there such a pension product out there for me? I run a small limited company which employs my wife and myself. I'd like to create company pensions for us. Looking backwards our income is fairly consistent so a company pension would have been doable but it's hard to judge the future and that's what has been delaying my decision to start a scheme. Is there a company pension product out there that if the times are hard I can stop payments to and then restart when the funds are available, please? Thank you for reading this and any advice you may have.

Marcon

Hawksmith said:

Is there such a pension product out there for me? I run a small limited company which employs my wife and myself. I'd like to create company pensions for us. Looking backwards our income is fairly consistent so a company pension would have been doable but it's hard to judge the future and that's what has been delaying my decision to start a scheme. Is there a company pension product out there that if the times are hard I can stop payments to and then restart when the funds are available, please? Thank you for reading this and any advice you may have.

Are you subject to auto-enrolment requirements? See https://www.thepensionsregulator.gov.uk/en/business-advisers/automatic-enrolment-guide-for-business-advisers/director-exemptions-from-automatic-enrolment

You could use something like https://thepeoplespension.co.uk/about-your-pension/workplace-pensions/setting-up-a-workplace-pension/ or https://www.nestpensions.org.uk/schemeweb/nest.html to comply if so, even if you and your wife choose to opt out and use something else, such as a personal pension funded by the company which won't necessarily have to comply with auto-enrolment requirements.

A stakeholder pension accepts a minimum contribution as low as £20 and you can contribute as and when the company can afford it. Some SIPPs might also fit the bill - you'd need to look at the individual terms to check (google is your friend here!).

Anonymous101

I thought most SIPP's offered this type of service?

I had one with Halifax (administered by AJ Bell) a few years ago when running a small business. I made regular contributions but also ad-hoc payments from either the me as an individual or the ltd company.

LHW99

Anonymous101 said:

I thought most SIPP's offered this type of service?

I had one with Halifax (administered by AJ Bell) a few years ago when running a small business. I made regular contributions but also ad-hoc payments from either the me as an individual or the ltd company.

II also allows ad hoc payments from a company into SIPPs (not sure about DD's). If you and your wife are both Directors, autoenrollment may not be relevant, it was not to myself and OH when we were running a similar small co (but do DYOR)

dunstonh

Is there such a pension product out there for me? 

Pretty much all of the modern retail individual pensions do.

I run a small limited company which employs my wife and myself. I'd like to create company pensions for us. 

You wouldnt use a company pension in that scenario. Individual pensions would be used.