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Self employed pensions advice

Bedfordspurs

Bedfordspurs

Martin Peters
Does anyone work for themselves and now much about pensions?
I have my own PSC and also now work for the government inside IR35
I wanna set up a pension and would appreciate any guidance
I have a couple of ex company ones that is bring into it if possible
 
I own a business which contracts myself and others into public sector work, outside IR35, and I chuck what I can into a bog standard stakeholder pension. What do you want to know?

The likelihood is that any scheme set up by former PAYE employers will have lower charges than whatever you can access as a one man band or personal/stakeholder pension, so consolidation is a bad idea unless you’re close to your dotage.
 
I was self employed before and put 4-5% into pension saving. In addition I started saving in index equity funds. Those are often the safest for long term saving, and have the lowest provision charges. Since I started investing in the index equity fund about 10-12 years ago, I've made 550% profit. Other than that, I don't know enough of English legislation to comment on what is the best way, ie in terms of tax reduction and so on.
 
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The basic rule w/r/t tax is that pensions are more tax efficient than anything else imaginable until you try to put over £40k in within a single year. As long as you’ll stay below that limit, put as much as you can into the pension.
 
ShipOfGoldblum said:
I own a business which contracts myself and others into public sector work, outside IR35, and I chuck what I can into a bog standard stakeholder pension. What do you want to know?

The likelihood is that any scheme set up by former PAYE employers will have lower charges than whatever you can access as a one man band or personal/stakeholder pension, so consolidation is a bad idea unless you’re close to your dotage.
Click to expand...

I’m 43 and looking for a flexible option in case I’m ever out of contract
Other than that ... I’m not fussy, but just want one that will grow sensibly
Did read somewhere that the tax break comes via a self assessment which surprised me as I’d expect it to be taken before tax
 
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