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  • FIRST POST
    • bograt2004
    • By bograt2004 5th Mar 18, 8:23 PM
    • 55Posts
    • 20Thanks
    bograt2004
    Company pension for contractors limited company
    • #1
    • 5th Mar 18, 8:23 PM
    Company pension for contractors limited company 5th Mar 18 at 8:23 PM
    Hi,

    I'm an it contractor and want to open a company pension so i can pay in.
    So far when i've gone to financial advisors they quote things like £800 to £3000 for setting up a fund.

    what i'm looking for is a low cost option 200 - 300 pound to open up a fund i can pay into.
    can anyone recommend anything.
    I've been digging around but as its a company pension i find resources limited .

    thanks
Page 1
    • WillowCat
    • By WillowCat 5th Mar 18, 8:41 PM
    • 798 Posts
    • 966 Thanks
    WillowCat
    • #2
    • 5th Mar 18, 8:41 PM
    • #2
    • 5th Mar 18, 8:41 PM
    As far as I'm aware most personal pension plans and SIPPs will accept employers contributions.

    I've got a SIPP with Hargreaves Lansdown and am planning to go Ltd next year. They will accept contributions from my Ltd.
    • dunstonh
    • By dunstonh 5th Mar 18, 8:42 PM
    • 92,634 Posts
    • 59,949 Thanks
    dunstonh
    • #3
    • 5th Mar 18, 8:42 PM
    • #3
    • 5th Mar 18, 8:42 PM
    So far when i've gone to financial advisors they quote things like £800 to £3000 for setting up a fund.
    You may find it cheaper if you dont mention you want to set up a company pension as that is not what you want.

    However, £800 is not unreasonable.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Brynsam
    • By Brynsam 5th Mar 18, 8:53 PM
    • 949 Posts
    • 619 Thanks
    Brynsam
    • #4
    • 5th Mar 18, 8:53 PM
    • #4
    • 5th Mar 18, 8:53 PM
    The obvious free option is NEST.

    Alternatively, any DIY personal pension if, as I think, you simply want a pension for yourself (not other employees of your limited company). Employer contributions can be paid into it, so simply open one for yourself and take it from there. Plenty of helpful info at https://www.citizensadvice.org.uk/debt-and-money/pensions/starting-a-pension/choosing-a-personal-pension/
    • bograt2004
    • By bograt2004 5th Mar 18, 9:25 PM
    • 55 Posts
    • 20 Thanks
    bograt2004
    • #5
    • 5th Mar 18, 9:25 PM
    • #5
    • 5th Mar 18, 9:25 PM
    You may find it cheaper if you dont mention you want to set up a company pension as that is not what you want.

    However, £800 is not unreasonable.
    Originally posted by dunstonh
    thanks for that . I wasn't sure just what is a good fee or not. Also i was advised to find someone one local to advise me and using unbiased.co.uk just pops up lots of different advisors and i don't know who's good and who isnt as good. each advisor i speak to gives me different advise and charges..
    Last edited by bograt2004; 05-03-2018 at 9:28 PM.
    • xylophone
    • By xylophone 5th Mar 18, 9:52 PM
    • 25,372 Posts
    • 14,968 Thanks
    xylophone
    • #6
    • 5th Mar 18, 9:52 PM
    • #6
    • 5th Mar 18, 9:52 PM
    https://www.taxcafe.co.uk/pensionmagic.html

    https://www.pensionbee.com/pensions-explained/pension-contributions/contributing-to-your-pension-from-your-limited-company?ast=KNTTl9

    The above may help you decide whether you want to set up a company and have the company pay the contribution or whether you want to pay contributions on your own behalf into a personal pension/SIPP.

    https://www.cavendishonline.co.uk/pensions/pension-guidance/

    http://monevator.com/category/investing/passive-investing-investing/

    http://monevator.com/find-the-best-online-broker/

    https://directory.moneyadviceservice.org.uk/en
    • Brynsam
    • By Brynsam 5th Mar 18, 11:00 PM
    • 949 Posts
    • 619 Thanks
    Brynsam
    • #7
    • 5th Mar 18, 11:00 PM
    • #7
    • 5th Mar 18, 11:00 PM
    OP already has a limited company, looking at the title of the thread.
    • dunstonh
    • By dunstonh 6th Mar 18, 2:12 AM
    • 92,634 Posts
    • 59,949 Thanks
    dunstonh
    • #8
    • 6th Mar 18, 2:12 AM
    • #8
    • 6th Mar 18, 2:12 AM
    each advisor i speak to gives me different advise and charges..
    No-one has given you any advice. A brief discussion without knowing facts is always going to be vague.

    The obvious free option is NEST.
    Its not free.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 6th Mar 18, 10:37 AM
    • 25,372 Posts
    • 14,968 Thanks
    xylophone
    • #9
    • 6th Mar 18, 10:37 AM
    • #9
    • 6th Mar 18, 10:37 AM
    OP already has a limited company, looking at the title of the thread.
    It did not seem to me wholly clear whether he had yet set up the company or, if he had, how he wanted the contributions made.

    Links in my post offer guidance to either choice.
    • bograt2004
    • By bograt2004 6th Mar 18, 2:33 PM
    • 55 Posts
    • 20 Thanks
    bograt2004
    Thanks all, Yes i shouldve been clear i'm already a ltd company.
    But all the links has certainly made it a lot clearer

    cheers
    • Dox
    • By Dox 6th Mar 18, 3:01 PM
    • 518 Posts
    • 311 Thanks
    Dox
    Its not free.
    Originally posted by dunstonh
    It is for employers and that's what this query is about. Quoting from NEST's website: 'Free for employers to use, itís great value for members too, with one simple charging structure whichever fund they choose.'
    • dunstonh
    • By dunstonh 6th Mar 18, 3:24 PM
    • 92,634 Posts
    • 59,949 Thanks
    dunstonh
    It is for employers and that's what this query is about.
    Not its not.

    The OP is a director of own company. He would not be using an auto-enrolment scheme as there are no employees. He should be using an individual personal pension with employer contributions.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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