Personal pension - can you set one up completely independantly?

Brendanmc

Hi, I was thinking with the reckless behaviour of alot of banks and insurance companies in the recent few years, it might be an idea to start my own independant pension scheme, with just me in it. This would mean that I would have complete control of the assets, and I would still be able to benefit from the Tax reduction that goes with contributing to pensions.

How do I go about setting up my own pension, and ensuring that it is an approved pension scheme?

Please bear in mind that I'm not particularily worried about the risks involved from the point of view of not having them professionally managed.

cheers

broker2008

I don't know your personal circumstances but a friend of mine wanted to take one of these out last year against my advice. he has just lost his job and lets just say that there are difficulties with what he set up. Personally I would get professional advice.

Brendanmc

Well I'm considering putting a little more aside, besides what I put aside anyway, and a pension is an ideal way to do that because of the Tax savings, even if you cant take it out until you are 65. What I'm thinking about is more of something small, and if it works out well, then I would expand it further.

So really I'm looking for the process of setting up a pension myself, perhaps like a pension trust, if anyone knows how to go about doing that.

Drumpot

What exactly were you interested in investing in Brendan?

dubmick

Brendan you won't get revenue approval without a professional trustee.

sofireland

He could go down the SSAP route, but that would be rather expensive to setup