Pension recommendations for the Self-Employed (First time self-employed)
stayfrostea
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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
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
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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..
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Maybe specifically for tradesmen?
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/