If you're setting up a private pension, you may want to start with tracking down any old workplace or personal pensions you may have, so as to consolidate them into your new pension plan. This allows you to manage your pension more easily.
Next, you need to choose a pension plan. There are several options, such as self-invested personal pensions, defined contribution schemes and stakeholder pension schemes. Before deciding on a plan, you'll need to carefully review any fees or charges involved, rules of contribution and where your money will be invested.
For more information, see HMRC's resource on planning your retirement income and pension for the self-employed.
Free business accounting consultation to discus setting up a pension.
As an employee your employer would have enrolled you to a pension. Use our Pension Contribution Calculator to figure out how much you are getting for your pension.
Our small business accounting guide walks through absolutely everything you need to know if you're considering starting a limited company. From different taxes, limited company advantages/ disadvantages, how to pay yourself, and what your key filing requirements are.
