Recommend me a company pension

[ctdctd]

Google is confusing me so:-

Contracting through one man band Ltd.
Have sufficient personal funds so won't need to draw more than the personal allowance from the company.
I'm in my late forties

Plan is to put everything beyond personal allowance + expenses into a pension - then I save on corporation tax and don't need to worry about IR35.

I don't do accountants or IFA's unless I have to so want a pension I can manage myself - something like the Hargreaves Lansdown or Barclays SIPP's but funded via the Ltd.

Any suggestions?

[ctdctd]

In fact, thinking about it, can I open a Hargreaves Lansdown or Barclays SIPP in the company name? Time to give them a call and test their customer services.

[ctdctd]

Well, H-L were helpful.

I set up the SIPP personally and then contribute via a Direct Debit from the Ltd - Hurrah, or by ad hoc cheques as they can't do electronic transfer - Boo.

So good news everybody except for the cheques bit.

[Retro]

Both Good SIPP Providers

I did a lot of research about two years ago and narrowed down the search to Barclays and H/L. I took out a Barclays SIPP initially but transferred to H/L a year ago to take advantage of their high interest rates for fixed-term deposits. Those offers no longer exist but the administration is excellent although I pay slightly more to deal within the H/L SIPP than I used to with Barclays. You won't go wrong with either provider. Like you I pay most of my company income into the SIPP each year.
Good Luck!

[rootsnall]

Have a look at Sippdeal, there are no ongoing management charges rather than the 0.5% pa ( I think ? ) in HL. If you are going to buy and hold equities it's a good deal I think. The admin and online trading setup has been good. You may have to pay a setup charge but I'd try ringing them, I got that waived.

One thing I have slight worries about is what if Sippdeal or HL or ? went into administration, your money ( shares in my case ) appear to be 99% safe but I can't quite get that 100% feeling. So I'm splitting my pot into two at the moment, and maybe three in time. It also means you can cash in the pensions at different times.

[northernladuk]

then I save on corporation tax and don't need to worry about IR35.

Why do you think you need to worry about IR35? It has nothing to do with pension payments???

Surely a trip to an independant finacial advisor would be a better bet than asking a set of randoms on a forum bearing in mind this is your future you are saving for?

[pmeswani]

Well, H-L were helpful.

I set up the SIPP personally and then contribute via a Direct Debit from the Ltd - Hurrah, or by ad hoc cheques as they can't do electronic transfer - Boo.

So good news everybody except for the cheques bit.

Good choice. Hargreaves Lansdown are one of the best SIPP providers on the market, as far as I am concerned. Yes, they are a bit more expensive than some in some areas, like annual fees and share purchases, but it's worth the money.

I've made something along the lines of £4k to 5k (profit) over the past year, and that doesn't include any money added to the pension, if I had chosen a stakeholder pension, I wonder how much it would be worth now?

[rootsnall]

Why do you think you need to worry about IR35? It has nothing to do with pension payments???

Surely a trip to an independant finacial advisor would be a better bet than asking a set of randoms on a forum bearing in mind this is your future you are saving for?

This has been disussed before, and I've triple checked. Any direct from Ltd Co pension contributions will be outside IR35 come what may.

If you are going for 6K salary and the rest into a pension then I think you could infact declare yourself inside IR35 and it wouldn't effect the numbers.

[ctdctd]

Why do you think you need to worry about IR35? It has nothing to do with pension payments???

Surely a trip to an independant finacial advisor would be a better bet than asking a set of randoms on a forum bearing in mind this is your future you are saving for?

Pension contributions come of the company bottom line so if the bulk of my profits go into the pension then I don't care if my contract is in or out of IR35 as there will be bugger all left to be caught.

I've been here for a while and would trust the (filtered) responses I get rather more than some random IFA whom I know nothing of.

[ctdctd]

One thing I have slight worries about is what if Sippdeal or HL or ? went into administration, your money ( shares in my case ) appear to be 99% safe but I can't quite get that 100% feeling. So I'm splitting my pot into two at the moment, and maybe three in time. It also means you can cash in the pensions at different times.

Hmmmmm, thanks, will do some research.