self employed pension

nimac20 · 11 June 2018 at 2:56PM

My wife was employed up until recently and accrued a workplace pension and a personal pension along the way.

Several years ago she became self employed and stop paying into the aforementioned pensions.

Would it be worthwhile transferring them into the NEST scheme and start paying into this, mainly for the reduced fees.

Is there a better self employed scheme to use?

Thanks.

xylophone · 11 June 2018 at 3:11PM

Your wife already has a personal pension - had she considered re-starting contributions?

https://www.moneyadviceservice.org.uk/en/articles/pensions-for-the-self-employed

https://www.moneyadviceservice.org.uk/en/articles/choosing-a-financial-adviser

https://www.simplybusiness.co.uk/knowledge/articles/2018/01/self-employed-pension-guide/

With regard to the workplace pension, what type of pension (defined benefit/defined contribution) was it?

nimac20 · 11 June 2018 at 3:22PM

thats a good point however i thought that one of the benefits of NEST was lower charges, maybe i'm wrong.

The workplace pension is defined contribution, i think. She paid her own money and returns are not guaranteed.

dunstonh · 11 June 2018 at 3:52PM

Is there a better self employed scheme to use?

NEST is aimed at the bottom end of the market for employers who employ too few people to get the main workplace pension providers interested.

It was not created for individuals to use as their provider. Although it can be. But given they are one only a handful of providers to have initial charges, they can come out quite expensive over the long term compared to other options.

self employed pension

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