Can anyone advise me about setting up a private or company pension? My state pension contributions are being taken care of via child benefit credits and will for the next 8 years. It makes sense to pay into a private scheme on top as my income is now above the zero tax threshold.
My limited company is about 2.5 years old, I am director and only employee currently but my husband has just been made redundant and may join my company in the new year probably as co-director to start his own contracts in an adjacent but different work area.
My business only made 9k this year but this is likely to rise every year until I'm working nearly full time so eventually 30-35k hopefully. OH and I have passive income of about 14k per year from a rental property. OH will likely be making 40kish once he is back in work, probably more on depending on IR35 compliance of whoever he works for.
I don't know if there is a sensible way to sort out a pension, should I just go to the market and choose one or is there a better way to set one up via the company?
My work is project based so income is variable month to month so ideally I'd like one that I can just contribute to as and when I have the cash or perhaps has a minimum monthly input and I can top up.
We've had a bit of a panic about our retirement and need to sort it out! I'm 36, he's 46 if that's relevant.