pension scheme for self employed (UK) TheLittleSaver

#1
Hi everyone



I am 32 and live in UK, registered as self employed. I have been working here for around 4 years (so hopefully I won't be kicked out after Brexit), but like a stupid I never thought properly about pension until now! So I would like to start doing something about it, without wasting more precious time.



I did a research, I know there are mainly three types of pension scheme:



- Personal pensions

- Stakeholder pensions

- Self-invested personal pensions (SIPPs)



And now the state pension is open to self employed as well.

So, as far as I could understand, a SIPP might need too much "effort" and knowledge to do it properly, managing the risk, etc... so perhaps for my situation the choice would be between a personal pension and a Stakeholder pension?

Also, I think I could/should start a state pension too? Or should I just keep saving my money, as I am already doing (as I always thought "I can put some money in another account each month, rather than putting that money in a pension scheme")?

What can you suggest me?

I would really appreciate any kind of suggestions you could possible give me, as this is a new territory for me and got a bit lost in all choices.



Thank you very much!

#5
Thanks @Horsin!

I will read that as soon as I can.. although I must say I am still a bit confused about all these different choices available... anyway



@xylophone

sorry I thought I answred, but for some reason the answer didn't get through. Yes, I have a NINo (got it as soon as I moved to UK). Why? Would that mean that I am paying for saome "basic" pension by paying taxes?



@ischofie1

yeah I was thinking about a personal pension... but I am reading about so many people not very HAPPY about those... so now I am not sure if a personal pension would be the way to go, or maybe some other kind of investmen? I am still confused.

#6



Yes, I have a NINo (got it as soon as I moved to UK). Why? Would that mean that I am paying for saome "basic" pension by paying taxes?


Read the first two links in my post above.

#7
@xylophone



just did... so, if I undersstood correctly, I am entitled to the New State Pension and I don't need to do anything NOW, just claim it once I will reach the pension age? Is that correct?

If so, that would be amazing! But I still need another pension, as I guess the New State Pension alone won't be enough.



Also, how come you are suggesting "Cavendish Online FundSupermarket Pension"? Are you using it?

What's the advantage of join it, rather than using someone else?

#8



I am entitled to the New State Pension


Provided that you meet the contribution conditions as set out in the link.






Also, how come you are suggesting "Cavendish Online FundSupermarket Pension"? Are you using it?

What's the advantage of join it, rather than using someone else?


It was somewhere to consider for setting up your personal pension.



There are other providers!

#9



Provided that you meet the contribution conditions as set out in the link.


Originally posted by xylophone




"YouÂ’ll be able to claim the new State Pension if youÂ’re:

a man born on or after 6 April 1951"


and



"YouÂ’ll need 35 qualifying years (on your National Insurance record ) to get the full new State Pension".



To me this means that I am entitled for the State Pension and I will be able to claim it in full after 35 years of working (and so paying taxes). Am I correct, or am I missing something?

#10



To me this means that I am entitled for the State Pension and I will be able to claim it in full after 35 years of working (and so paying taxes).


Read about National Insurance Contributions and "qualifying years" https://www.gov.uk/new-state-pension/your-national-insurance-record-and-your-state-pension



http://www.which.co.uk/money/pensions-and-retirement/state-pension/guides/your-state-pension-and-benefits/how-do-i-qualify-for-state-pension

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