Best way DS to set up a pension

[Packar]

DS (30) self employed and doing well. What's the best way for him to set up a pension?

He should speak to a Financial Advisor about the most tax efficient way of doing this. I think there is a limit to how much you can put into a pension related to your salary and if he pays himself a low salary but large dividend it may effect this.

Note: I have no expertise in this sort of thing, I think I overhead it on a bus, or a supermarket queue.

How much does he want to contribute? If it’s just small amounts then something like Nutmeg is a good choice. Don’t waste money on an advisor for normal people paying regular amounts then all you need to know you can find online.
or he can find it himself!

There was a Martin Lewis podcast on this recently. There’s a free service your DS can call to get info/advice. Can’t remember the name but they were on the podcast. Dig it out and send it to DS.

There are plenty SIPP (self invested personal pension) providers. It's as easy to open a SIPP online as a bank account. I have a workplace pension but also put £50 a month into a SIPP with Wealthify. It's making good returns as I've got it on the highest risk fund (given I'm happy to take a risk on £50 a month). High street banks like NatWest offer them too.

Look at Pension Bee for SIPP

Please use this link

https://www.pensionbee.com/?rsCode=kAcgQEMhAtBk1&utm_source=saas&utm_medium=RAF