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Преводот како уметност и деловна активност » Being independent »
Freelance translator in the UK: private pension?
Лице кое објавува дискусија: Marco Cafagno
Marco Cafagno
Marco Cafagno
Обединето Кралство
англиски на италијански
+ ...
May 11, 2023

Hi there,

I'm trying to make sense of what I should do for my pension as a freelance translator currently based in the UK.

Could anyone suggest what type of private pension to go for? I have absolutely no idea, I'm just reading now about personal private pension, stakeholder pensions, self-invested personal pensions etc...

I moved to the UK in 2020, and since then I haven't had a private pension, so only relying to state pension (which I'm assuming is very ... See more
Hi there,

I'm trying to make sense of what I should do for my pension as a freelance translator currently based in the UK.

Could anyone suggest what type of private pension to go for? I have absolutely no idea, I'm just reading now about personal private pension, stakeholder pensions, self-invested personal pensions etc...

I moved to the UK in 2020, and since then I haven't had a private pension, so only relying to state pension (which I'm assuming is very low).

Thanks for any advice you can give me. ▲ Collapse
 
Chris Says Bye
Chris Says Bye
IANAFinancialAdviser May 11, 2023

You should probably talk to a financial adviser about your specific circumstances, but sticking cash in an ISA is a whole lot more flexible than any pension.
 
Tom in London
Tom in London
Обединето Кралство
Local time: 19:42
Член (2008)
италијански на англиски
Maximise May 11, 2023

Marco Cafagno wrote:

... relying to state pension (which I'm assuming is very low).


You should make the maximum permitted contributions into the state pension. It's not as low as you may think and it's increased every year. You should also buy National Insurance Years https://tinyurl.com/y4nuu2w5

As for private pensions, you should consider all you options before making a decision. One of the best places to find out is here: https://www.moneysavingexpert.com/

A very good place to get reliable advice is pay a visit to your nearest Citizens' Advice Centre.

https://www.citizensadvice.org.uk/


ALSO if you made pension contributions in Spain, you can recover these and get them paid to you in the UK. Contact the UK Pensions Service, for advice. https://www.gov.uk/contact-pension-service


[Edited at 2023-05-11 21:43 GMT]

TonyTK
Agneta Pallinder
 
Alejandra Garcia Romero
Alejandra Garcia Romero  Identity Verified
Обединето Кралство
Local time: 19:42
англиски на шпански
+ ...
Private pension (SIPP) May 12, 2023

Marco Cafagno wrote:

Could anyone suggest what type of private pension to go for? I have absolutely no idea, I'm just reading now about personal private pension, stakeholder pensions, self-invested personal pensions etc...



I had the same concerns and I decided to go for a private pension (SIPP). Although the state pension is not that low, it will certainly not be enough by the time I retire.

I opened an account with Aviva (because my husband already had his pension with them) and I make regular payments every month. For every payment made, the government adds a 25% (the 25% tax relief). Choosing how and where to invest your money can be tricky, but they have ready-made funds where you can deposit your money at a lower risk.

Although you can "play" with the funds (buy or sell), I basically consider it a savings account.

Joe France
 
Steve Robbie
Steve Robbie
Обединето Кралство
Local time: 19:42
Член (2017)
германски на англиски
+ ...
Where do you want to retire? May 12, 2023

Two pieces of good advice provided so far:
- Have a look at moneysavingexpert.com
- Talk to an advisor. An advisor will explain what all the terms mean better than we can.

You probably need a SIPP, but what do I know? (I have a SIPP, but I don't know how much you want to save each year and I don't know all the options. I haven't a clue what a stakeholder pension is)

Another thing: where do you want to retire? If you're likely to leave the UK, it may not be ... See more
Two pieces of good advice provided so far:
- Have a look at moneysavingexpert.com
- Talk to an advisor. An advisor will explain what all the terms mean better than we can.

You probably need a SIPP, but what do I know? (I have a SIPP, but I don't know how much you want to save each year and I don't know all the options. I haven't a clue what a stakeholder pension is)

Another thing: where do you want to retire? If you're likely to leave the UK, it may not be wise to take Tom's advice to buy National Insurance Years. Also, the tax benefits of an ISA are specific to the UK - they might vanish if you move to another country.

[Edited at 2023-05-12 14:31 GMT] ▲ Collapse
 


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Freelance translator in the UK: private pension?


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