How can I set up a pension, and how do I pay into it? Is it a SIPP?

25 Feb, 2022

Question by heidi

Hi I'm self employed and a company director, although going forward likely to just be the latter. I don't have a pension set up, only one from a job about 10 years ago. How can I set up a pension, and how do I pay into it? Is it a SIPP?

Answered by Bodie Dove

Hi Heidi

Initially, you can just setup a personal pension scheme, it doesn't need to be a SIPP.

Contributions can be made in a number of ways, you can have them setup to pay on a regular basis for example monthly or you could pay into your pension on an ad-hoc basis by way of lump sum contributions.

As a self employed company director you can either pay your contributions personally and benefit from income tax relief or it may be possible to pay the contributions from your business, in which case you won't be able to claim income tax relief but your business would benefit from corporation tax relief.

I hope that this helps, please feel free to contact me if you need any more help.

Answered by

Bodie Dove

Chartered Financial Planner

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