I left a company I worked at for several years. Now I'm starting my own business and thinking what to do tih my company pension scheme. I'm not sure that I could continue to pay contributions so I'm thinking about suspending pension payment. What could I do? Should I try some personal pension scheme?
Leaving a company doesn't have to mean leaving pension scheme. You could remain to be a deferred consumer of the scheme. You can't reclaim your fund but you can transfer it if you want. If you have a personal pension on your mind that could be a good solution. You could invest to another place, but it would imply certain fees. Company pensions are convenient schemes, so you can also suspend payments and your fund would remain as it is. When you turn certain age you would be able to claim your pension. It's a good idea, especially if you joined money purchase scheme. As self-employed you are not obligated to have any pension plan but it would be wise to think about future. You can start another scheme with investments in stock market. That would make a good addition for pension after you retire. Starting your own business could be risky so I support your opinion to remain with company scheme.
