Pension recommendations for the Self-Employed (First time self-employed)

stayfrostea

Afternoon everyone, 

I became a sole trader for the first time in October. It was a bit of a whirl-wind as I was made redundant by the company I was employed by. I began sub-contracting (I am an electrician) under the CIS scheme. I am ok with regards understanding tax, national insurance etc but one thing I could do with a point in the right direction of is pensions. Are there any plans other self-employed people could recommend that I take a look at? Maybe specifically for tradesmen? I have pensions from previous employers and have considered consolidating them in to one using Pensionbee. Are the plans they offer worth looking in to?

Regards 

Mike 

mark55man

Hi - sorry your post hasn't had a lot of comments.  There aren't a lot of threads from the small business community.

Whilst not all from blue chip companies many here are more familar with small ltd companies than self employed.  But generally all contributions to the pension would be seen as good for your future and also tax efficient..  

dunstonh

 Are there any plans other self-employed people could recommend that I take a look at?

Every retail pension caters for the self employed. So, choice should not be an issue.

 Maybe specifically for tradesmen?

Pensions are not trade specific.  They dont need to be.   They are collected by direct debit from your bank account.   

xylophone

You have a very wide choice -  some suggestions here.

https://moneytothemasses.com/saving-for-your-future/pensions/which-is-the-best-pension-if-youre-self-employed#:~:text=A SIPP is a good,investment aims and risk profile.

With regard to fund choice you might read

https://monevator.com/passive-fund-of-funds-the-rivals/

Or you might consider Vanguard Target Retirement

https://www.vanguardinvestor.co.uk/what-we-offer/target-retirement-products

Or personal pension - examples

https://www.legalandgeneral.com/retirement/pensions/personal-pension/

https://www.standardlife.co.uk/pensions/personal-pension

If you need advice specific to your situation you could consult an IFA.

Tick "confirmed independent" and your other requirements when the menu comes up.

https://adviserbook.co.uk/