Can you recommend a pension scheme?
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  1. #1
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    Default Can you recommend a pension scheme?

    Hi All

    I currently have no pension in place and was wondering if anyone could recommend a scheme?

    Ive been looking online but confusing myself - not sure if i should be saving into an ISA or a pension scheme?

    Any help or advice greatly appreciated.

    Tippy Toes xx

  2. #2
    Simona Guest

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    Quote Originally Posted by Tippy Toes View Post
    Hi All

    I currently have no pension in place and was wondering if anyone could recommend a scheme?

    Ive been looking online but confusing myself - not sure if i should be saving into an ISA or a pension scheme?

    Any help or advice greatly appreciated.

    Tippy Toes xx
    As long as you pay into your NI as self employed for a certain number of years you will be entitled to a state pension....it is ok but not that much.
    More info on the state pension is on the DWP website.

    If you wish to start a private pension to boost the state one, contact a local Financial Advisor so you can get the best advice....he/she will come to you and talk through what you can start, how much you want to pay monthly and any related matters when contributing to a private scheme.
    You can also save into an ISA but make sure you are told what the best is for you.

    Good luck !

  3. #3
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    Quote Originally Posted by Simona View Post
    As long as you pay into your NI as self employed for a certain number of years you will be entitled to a state pension....it is ok but not that much.
    More info on the state pension is on the DWP website.

    If you wish to start a private pension to boost the state one, contact a local Financial Advisor so you can get the best advice....he/she will come to you and talk through what you can start, how much you want to pay monthly and any related matters when contributing to a private scheme.
    You can also save into an ISA but make sure you are told what the best is for you.

    Good luck !
    Thanks Simona for your helpful reply x

  4. #4
    Simona Guest

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    Quote Originally Posted by Tippy Toes View Post
    Thanks Simona for your helpful reply x
    Also remember that a financial advisor will not charge anything for meeting with you and giving his advice!

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  6. #5
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    Hi,

    I was in same place last year, hubby was keen on me getting a pension as I take enough of his money now let alone when we are both retired! I used Prudential, the guy came out, discussed everything, suggested I see other people to make sure I am happy. He went through what I could afford, very helpful, made it clear. Am now paying in on a monthly basis and the government add in some too. Glad I did it as, the state pension is going to get worse and my mum who is in her 50's who hasn't got a private pension is sick with worry because she will have to work while her husband is retired.

    My advice, get some money put away...as much as you can afford, it will be worth it.

  7. #6
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    On this subject how should we be paying our NI as self employed CM's? I should know this sorry...

  8. #7
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    I rang HMRC to clarify this too. To pay class 2 NI you will pay in a lump sum with your tax return. You can set up a budget payment plan on your self assessment online account if you want to spread the cost, and you think you have tax to pay. Class 2 NI is only 2.80p/w so not a lot to pay in one go anyway. If you are wanting to claim maternity during the tax year, to ensure you have 'eligible weeks' of NI paid, you get that MATb1 form (I think it's called) ring up HMRC and they will send you a bill for NI contributions in advance(I presume this is the same for other benefits)

  9. #8
    Simona Guest

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    Quote Originally Posted by mumofone View Post
    On this subject how should we be paying our NI as self employed CM's? I should know this sorry...
    You should have informed HMRC that you are self employed and have started paying NI when you registered with them....are you already paying?

    NI can be paid in different ways and you will have had the option of choosing which suits you best
    Having said that the system is changing in the near future as Primrosecottage mentioned and you will be notified by HMRC itself...I had their letter last week....so you will get one too.

    If not sure google NI and look up the information but if you are registered you will receive confirmation of the changes.
    Last edited by Simona; 12-08-2015 at 08:02 AM.

 

 

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