Self employed private pension

Running Man

Midfield
Just looking for any advice on private pensions, I'm self employed and really need to start thinking about a pension. Any help would be appreciated as I haven't got a clue about any of this stuff, cheers.
 

Kent_Mackem

Striker
Just set up a SIPP with somebody like Standard Life. Or get an IFA to set it up and run it for you for a commission.
 

MickeyV

Midfield
I'm really pleased I did it. Tax-efficient way of saving, and a tax-free lump sum at the end. Just put away a fixed amount every month and before long you won't even miss it. Doesn't have to be a lot if you start early.
 

njmackem

Winger
Just looking for any advice on private pensions, I'm self employed and really need to start thinking about a pension. Any help would be appreciated as I haven't got a clue about any of this stuff, cheers.
It's not going to help much as I am in the US and its a different kettle of fish. If they allow you to self-direct your investments that is the way I would go right now. At the moment I am putting my 401k pot into investment properties. I am always the first money in and out and being in the business allows me to have at least an educated knowledge of the flippers ability to be successful on the flip. Added bonus is that I have in a couple of instances been the agent responsible for the sale which allows be double-bubble
 

Tuono

Goalkeeper
I set a basic one up with Scottish Widows.
Same here, I've been paying into it for over 30 years and will be able to retire with a massive yearly pension of just over £1,000. I've only myself to blame though as I listened to "pub experts" who kept telling me pensions were a waste of money so I haven't increased my payment to keep up with inflation. My missus (no) worked for Wandsworth council and will get £1,000 for every year she worked there. God bless the tax payers subsidising public sector pensions. I do have another work pension from when I did my apprenticeship, my 4 years of contributions are worth a staggering £16 if I want to take them as a lump sum, they haven't said how much it's worth as a monthly payment.
 

Speedy1976

Midfield
Following this thread as I also need to do it and I’m clueless about these things.

I’m now 43, what sort of amount should I be looking to put in each month?
 

burro nunn

Winger
Following this thread as I also need to do it and I’m clueless about these things.

I’m now 43, what sort of amount should I be looking to put in each month?
You'd need to put in about £500 a month if you wanted anything half decent I reckon.

The Which calculator reckons you'd have a £200k (if it was all in equities) pot by 65.
 
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Speedy1976

Midfield
As much as you can reasonably afford, given that you are just starting at 43.
You'd need to put in about £500 a month if you wanted anything half decent I reckon.

The Which calculator reckons you'd have a £200k (if it was all in equities) pot by 65.
I have a works pension to come as well, but now that I’m self employed want to continue putting something away.
The wife has a cracking works one as well so she can look after me :)

Where should I be looking?
 

Raby Mackem

Full Back
I have a works pension to come as well, but now that I’m self employed want to continue putting something away.
The wife has a cracking works one as well so she can look after me :)

Where should I be looking?
My view is that you should get a financial adviser, there will be some sort of fee structure, but with a good one it will be worth it over the long term
 

beezer

Full Back
I set a basic one up with Scottish Widows.
My works one is with Scottish Widows and the thing I like is it shows on my Halifax online banking as they’re both part of Lloyd’s.

Makes it easy to keep an eye on in terms of how much it’s worth and whether the investment performance is up or down.
 

Tuono

Goalkeeper
Same here, I've been paying into it for over 30 years and will be able to retire with a massive yearly pension of just over £1,000. I've only myself to blame though as I listened to "pub experts" who kept telling me pensions were a waste of money so I haven't increased my payment to keep up with inflation. My missus (no) worked for Wandsworth council and will get £1,000 for every year she worked there. God bless the tax payers subsidising public sector pensions. I do have another work pension from when I did my apprenticeship, my 4 years of contributions are worth a staggering £16 if I want to take them as a lump sum, they haven't said how much it's worth as a monthly payment.
Just checked with Scottish Widows and they say I can't increase my pension contributions! Is there any point in a 61 year old starting another pension now?
 

Shirley Shammel

Central Defender
I have a works pension to come as well, but now that I’m self employed want to continue putting something away.
The wife has a cracking works one as well so she can look after me :)

Where should I be looking?
Give me a PM mate. You are equally as negative as me on here. We’d get on well.....
 

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