Self Employed Pension Help

brumptk

Hi, 

I’ve been self employed for quite a while and need to think about pensions and retirement. 

I do have a pension from when I worked at Aviva for 12 years, a money purchase plan. Although I think this is now called something else. 

I have about £100 to £150 a month I could put aside for a pension payment, even though I no longer work for the company can you still add to these pensions or am I better just setting up a savings account I can’t touch? 

Many Thanks

katie 

Dazed_and_C0nfused

A savings account is unlikely to be the best option.

Either adding to the existing pension or setting up a new one will generally be better as you will receive tax relief on your contribution.  Every £100 you add will have £25 added by the pension company in basic rate tax relief.

Being self employed isn't really a factor, you will have a wide selection of providers if Aviva isn't viable.

dunstonh

I do have a pension from when I worked at Aviva for 12 years, a money purchase plan. Although I think this is now called something else. 

The Aviva staff pension hasn't changed names since it was introduced.  The old final salary scheme did as it went through the NU to Aviva rebrand.

I have about £100 to £150 a month I could put aside for a pension payment, even though I no longer work for the company can you still add to these pensions or am I better just setting up a savings account I can’t touch? 

The vast majority of occupational pensions do not allow you to contribute to them once you are no longer an active member.   

Marcon

See https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics - there's a section headed 'pensions for the self employed' if you scroll down a bit

molerat

Are your class 2 NI contributions up to date for the state pension ?

brumptk

Thanks, yes my contributions are all up to date. Never missed anything since becoming self employed.