Self employed - do you have a pension?

[Bluebirdsinging]

Is it best to start a new pension or convert an existing workplace pension? I have done the latter, but now I'm wondering if I should do something different?

How do other SE peeps manage pensions? If at all.

Determined to pull my head out of the sand on this one. Finally... I am nearly 40 ...

workplace pensions often (not always) have higher charges than the personal pension equivalents (more small pots and people coming and going in a works pension so they charge more).

What sort of amounts are you talking about in existing pots? What contributions are you talking about?

I did not start my own pension till I was 49
I am now piling all the money that I used to use to pay off my mortgage

I have no pension, even before I went SE I never earned enough to pay into a pension.
Once the mortgage is paid off (I'll be 42) I'll start saving up for my retirement.

we have no pension but have assets which we hope to use as a pension instead.
I know this isn't the conventional way though, it just suited us better.
i suppose we were scared of pensions as even though we are told they are much better now, we saw lots of people invest in pensions that went bust and they ended up with diddly squit.
like talkin I am showing my age now

Thanks whoosh... I have £22k in 1 pot and £7k in another. The first I'm now contributing £75 a month to... Both were originally workplace pensions... Concerned that I don't have anything in my name to live off should I ever be widowed. DH otoh would be fine if widowed! Potato Peace & Spare yes I'm also thinking I could perhaps instead be putting that £75 into the sizeable mortgage ... though we do have other vehicles for paying that off fairly soon.

If not mortgage or pension - should I be looking AT&T ISAs or something else...?

OK, well if your DH died and you are pot less I'd suggest you consider some separate insurance, but only enough to ensure you're not destitute.

The amounts would mean that any advice would be relatively expensive, but you could take advice and have a fixed fee review. At least it would get everything 'working' and then once the amount gets a bit larger consider ongoing advice.

Personally I'm a fan of 'tracker' products for small pots or using one of the companies like Scottish Widows or Royal London that do managed portfolios. they are hands off and good value. You can sleep knowing someone is taking notice. they won't shoot the lights out but you wont wake up in 20 years time with a dog fund.

No pension here. SE sole earner with 3 children. Ach well

No, I invested in other assets instead.
I used to sell pensions and although there are tax advantages I'm not convinced they are the best option for retirement income.

Suzie - maybe I'm not alone in not having really thought about this much then...

whoosh - life assurance is in place til I'm 60 as mainly in place to help look after the kids - but its when I'm older than that that I am more likely to need to worry, right?! So I guess life assurance is cheaper than a pension? It has to be a common position where 1 half of a couple is a high earner and has contributed lots to a pension and the other half isn't and hasn't....

Fixed fee review - sounds interesting, do all IFAs do that or do they all charge differently?

Managed portfolios also sound good... what's the catch? Are they expensive? Can I approach them myself with my 'pots' & ask them to look after my interests then, or do I need an IFA by way of introduction?

Hopping - interesting that you used to sell pensions but you aren't keen in them... there is always the BTL option I guess... ?! So who DO pensions work for then? You read horror stories of vast sums being lost on someone's death, yet not paying out due to a stroke or what have you.

HOPPING pensions have changed beyond recognition in the last 2 years, you're out of date (and now I think misleading, sorry, I'm not trying to be rude).

Managed Portfolios by SWidows and ROyal london are actually relatively good value.

Some IFA's would do a fixed fee review, some not. Asking is the only way.

If you're husband dies with a pension pot, you get it tax free before 75 and taxed at your marginal tax rate afterwards. It doesn't totally cover you but finances need reviewing as a whole, not 'standalone'