UK Creatives: How have you set up your pension?
One for the creative types with pensions, here's an admin question for you that's been doing my nut in: how've you got your pension set up?
I (and I'm sure so many others) haven't got a clue where to start aside from I'm already putting money aside in a (normal) bank account. Any help is appreciated! TIA x
Replies14
- @Katy Sims Had no idea the gov were doing contributions! They're actually giving money to the self employed? I'm shook 😂
- @Edward Jose exposure pension lol!!! Gotta figure that one out too, don't know what to do with all this exposure monies
- @Luke Freeman 😅 gotta bag that monopoly money
- @Maja Nenadov Webster Nice one, thanks so much for sharing the article! Been wondering about PB so this is really useful :)
- @Jenny Harrington Thanks so much for your thoughts, I never even thought about opening up more than one tbh! Lots to think about.
- I recommend getting an IFA (independent financial advisor). Pensions can be complicated at times, so it's good to have an advisor look at how much you can afford and how best to invest.I have to pay a small commission of my pension contributions to the advisor. However, it doesn't really impact the savings due to tax reasons. If you consult an advisor, they'll let you know how it all works. :-) They take care of it.
- I can't do anything number/money related so I have an amazing accountant who speaks English not Finance - she (Gill Brereton) set up my pension (and so many other things) for me. If you're interested, here are her details (she has loads of creative clients):https://dockwrayaccounting.co.uk/
- @Maja Nenadov Webster Nest is great for flexibility.Lisa can also be worth looking jntoAlso worth noting the government will pay 25% of your contributions into both of these, although with a LISA theres a cap to what they'll contribute of £1,000
- My expsoure pension is really building nicely!
- wait you guys are getting paid
- My husband uses PensionBee and is really happy with them. I'm sharing this on his behalf because he's not very active here, or on any social media channel really. :DHe has shared his thought process and why he chose them in this article, so it might help you: https://freelancesuccess.co.uk/freelancers-we-need-to-talk-about-pensions/I can also connect you with him in case you have any questions about it, he's happy to help! :)
- I have absolutely no idea what to do about this so I'm commenting to get notifications from people that might be able to help!! 😂❤️
- Hi Ameena,After a lot of research I set up 2 pension pots to save into.1. Penfold Pension - Stocks and Shares pensions for self employed people 🙌🏽 you can choose sustainable investments which is a winner!Use my link to sign up: https://getpenfold.com/refer/jenniferharringtonBut because locking money away as a freelancer is terrifying i opended another one2. Cash Lifetime ISA through the MoneyBox app - it's like a regular savings account so safer but you also benifit from the 25% government bonus so it's much better! You can also withdraw money in an emergency which you can't with a standard pension, you just loose the bonus and pay a small fee which i found really reassuring. You can also use it to help buy your first home if you like.Hope this helps!
- Through Nest, which was set up by the government: https://www.nestpensions.org.uk/schemeweb/nest/my-nest-pension/joining-nest/joining-as-self-employed.html
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