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Mark W

Self Employment + Work Place Pension = WTF

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I'm well aware that this is the driest thread ever created on here, but I know some of you peeps on here are self employed.

How are you making the whole 'work place pension' thing work?  I think I'm along the right lines, but I wanted to see what solutions other people were using.  

As with everything tax-related, the HMRC website is somewhere between "horse shit" and "dog dick" in terms of usefulness, and with TF being the font of all instant knowledge I thought I'd see what people had to say on here while I'm waiting for an appointment with an accountant...

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If you're self-employed, you don't have to do the auto-enrolment thing.
If you're employed and an eligible jobholder you can opt out, though will be automatically re-enrolled every 3 years and have to opt out again (which is a shit rule)

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So my understanding if you're self employed is the same as the extract below from https://www.nidirect.gov.uk/articles/how-your-situation-affects-your-workplace-pension;

 

Self-employed or a ‘single person director’

You do not have to enrol yourself in a workplace pension. However, it’s a good idea to think about what income you’ll have to live on when you retire. You might want to put some plans in place for your later life, such as starting a personal pension, if you haven’t already done so.

You could choose a personal or stakeholder pension available from various pension providers. Or you may wish to use the National Employment Saving Trust (NEST). NEST is a trust-based workplace pension scheme developed to suit most people.

You should consider seeking independent financial advice. Alternatively, you can contact the Money Advice Service or the Pensions Advisory Service.

You are a ‘single person director’ if you are a director of a company and the only worker in that company.

 

 

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