Company Pension

[bhaskaran]

Hi,

I recently resigned from a perm postion and started contracting through a limited company. My question is:

Can my limited company start paying employer pension contribution to my personal pension scheme that was set up earlier by my previous perm employer?
Or does my company have to setup a new employer pension scheme?

Many Thanks

[northernladuk]

Hi,

I recently resigned from a perm postion and started contracting through a limited company. My question is:

Can my limited company start paying employer pension contribution to my personal pension scheme that was set up earlier by my previous perm employer?
Or does my company have to setup a new employer pension scheme?

Many Thanks

Whatever the answer is I'd just set up a new SIPP with a platform of your choice, preferably one you can buy and sell and look after yourself. You can transfer your old pension in to it as well.

Hargreaves Landsdown is a really good platform but I believe not the cheapest. Much better than my Aegon and Scottish Widows setups. Had to mail them to buy/sell and the interfaces were pretty useless.

That is unless you company one is smashing 10%+ a year.. But I doubt it.

[Fred Bloggs]

Hi,

I recently resigned from a perm postion and started contracting through a limited company. My question is:

Can my limited company start paying employer pension contribution to my personal pension scheme that was set up earlier by my previous perm employer?
Or does my company have to setup a new employer pension scheme?

Many Thanks

Tha'ts going to depend on the scheme, only they can tell you. If, by any chance it was a defined benefit scheme, the answerwill be no. Then just sit on it until you retire is probably the best strategy.

Likely better to do your research and start up a new SIPP. It's very simple. In the future, if the previous pension is a simple money purchase scheme, it could make sense to then move that old one into your SIPP. Note the use of the word SELF in the term SIPP, it really does mean what it says. The success or failure of the SIPP investment is entirely down to yourSELF.

[bhaskaran]

Tha'ts going to depend on the scheme, only they can tell you. If, by any chance it was a defined benefit scheme, the answerwill be no. Then just sit on it until you retire is probably the best strategy.

Likely better to do your research and start up a new SIPP. It's very simple. In the future, if the previous pension is a simple money purchase scheme, it could make sense to then move that old one into your SIPP. Note the use of the word SELF in the term SIPP, it really does mean what it says. The success or failure of the SIPP investment is entirely down to yourSELF.

Mine is not a defined benefit scheme. personal pension scheme setup by my previous employer - money purchase scheme. I just want to continue to pay into this scheme but through my limited company. Is this possible?

[Fred Bloggs]

Mine is not a defined benefit scheme. personal pension scheme setup by my previous employer - money purchase scheme. I just want to continue to pay into this scheme but through my limited company. Is this possible?

I already said. Possibly. Only the actual scheme administrators can tell you for certain. Look up the details, it's likely to be someone like Aegon, Aviva, L&G, Scottish Widows etc... They will tell you the answer. If the answer is "no"- Then you have to decide if you want a similar pension plan that can be quite "hands off" or a self managed pension like a SIPP which is much more "hands on". But, the first step is to look who runs the pension, take a note of the reference number and give them a call in the morning.