Can I buy a pension plan myself?

I’m self-employed and don’t currently have a personal pension. What’s the best way of starting a new pension? Can I start one myself?

Question asked by Scott Thompson
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I know how much my pension is worth
I know how much my pension costs
I have clear financial goals for my retirement

Answered by Neil Adams

Yes, if you don’t have access to a company workplace pension, you can contact a pension provider directly to arrange a private pension plan.

This option is generally the cheapest because no ‘regulated advice’ has been provided to the individual on the various elements of arranging a pension plan. It is your responsibility to ensure everything is arranged correctly and to pick the investments you want to put your pension savings into.

The product provider will treat your pension investment as on an ‘execution only’ basis, which means they haven’t provided any advice and they will not confirm the suitability or if the pension product offers value for money.

The potential danger with this route is that if you have limited pension or investment experience, you could end up putting your money into investments that might not be suitable for you.

It often makes a lot of sense to use a pension adviser who can provide you with all the financial advice you need and set-up up the pension for you. If you’re looking to set-up a new pension please call us to find out more about how we can help you.

'execution only'
 
pension advice
 
retirement planning
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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