Anyone sole trader with a pension

[hammers4spanner]

As title says any 1 man bands / sole traders got themselves a pension ?

Anyone know if the govt have anything in place ?

 

[townfanjon]

Yep had a private one for years , keep thinking of weighing it in and buying a house to rent instead . Never seem to get round to it though

 

[Chalked]

Stopped paying mine 12 years ago. And put it into property. Was paying £200a month.
Now got 2 houses an office and two shops I rent out. Still owe about £90;000 but will be paid for before I’m 60. ( I’m 52)
I have the pension pot, which is worth £50.000 at th moment. I’m putting in £10 grand before April and hopefully the same the next two years. So about 80,000. That’s £30,000 tax free!
Then taking my 25% tax free ( £20,000) and will draw down the rest in the future. The 20 thousand will be deposit on another house.
Hopefully with the other rents, will be paid for by the time I’m 60-65.

The pension was going to pay me £1800 a year!!! The rent from property before tax will be around £30,000

 

[hammers4spanner]

I have rented property before 2 houses .
Its more aggro now than ever so cashed them in .
Was looking for a good private pension but not sure which are good

 

[Ric2013]

If you're going down that route, find yourself an Independent Financial Adviser who can provide options from all different firms. Banks etc may offer pensions but staff generally are not properly qualified so may be unable to give advice, and will be tied to the products their company can offer. And, of course, it may well be that your needs etc are not average (you may want to retire at a different age, for example).
A lot to being an IFA. My mother has recently retired from doing this as the piles of reading she needed to do to renew her qualifications were getting too high for her liking. Plus, this way, she got rid of all the hangers oners who kept wasting her time and could spend more time doing whatever it is she likes doing in her spare time (if she can still remember what she used to do when she last had spare time, that is).

 

[king of pipes]

Bit of a gamble with pensions i would say get some proffesional financial advice, i have one its has not performed brilliantly its made about £500 a year above the contributions i have made, i am on a medium risk as with everything there are risks with investments so beware . cheers kop

 

[mikeygas]

Set up a Nest pension. This is the government backed auto-enrolement scheme but is open to the self-employed.

I have had one for two years, it’s a secure place to put your money and fees are lower than a normal private pension.