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
Need Pension Advice?
Call us on 02084327333
First Name
Phone
Email

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.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
I was wondering if the rules for flexi-access drawdown pensions define who can inherit your pension after...
 
Someone told me I should consider consolidating my pensions because it makes it cheaper. What is pension...
 
A few years ago I was diagnosed with coronary heart disease. As a result, I have angina and recently...
 
I’ve read that the new ‘pension freedoms’ have led to a rise in the number of pension transfers....
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Cecilia Walsh
04/12/2017

I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.

Kevin Spence
05/12/2017

Was extremely impressed with the service we received from Michael. He was so helpful with good advice and saved us money. The policy was set up and running with in a couple of days. Would definitely recommend to friends. Thank you.

Omar Holmes
05/12/2017

Sam Carr was very knowledgeable, efficient, called when he said he would and kept me updated through out the process.

We are rated 4.9/5 based on 1320 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1331 Reviews
P
Overall Rating
Professional, quick and straightforward service from Victoria for the second time in a raw.
O
Overall Rating
Sam Carr was very knowledgable, efficient, called when he said he would and kept me updated through out the process
K
Overall Rating
Was extremely impressed with the service we received from Michael.He was so helpful with good advice and saved us money.The policy was set up and running with in a couple of days.would definitely recommend to friends.Thank you.
A
Overall Rating
I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.
S
Overall Rating
Ceiron King did an amazing job setting up my insurance. He was meticulous to all details and made sure everything was individually tailor made to suit my circumstances. When I had queries he was able to take on board any issues and find solutions quickly. Pleasant, easy to talk to, engaging, personable chap who effortlessly made me feel that I'd found the right firm. Highly recommended.