Pension options-contractor heading to UK for 5 years

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rheinie

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My son 25 is going to work in UK for a at least 5 years ,what are his best options as regards starting a pension as he is anxious to get one started soon .Most of his work will be contract area so what are his best options open to him .Thanks

Title edited by ClubMan.
 
Re: Starting a Pension

I'm not sure that many people here will be able to advise on pension options available in the UK so he may need to talk to an advisor over there. I am aware that there are Stakeholder pensions (might be worth browsing around that site for more background info) over there that are akin to [broken link removed] overe here but, as is the case here, there may also be other options available - in particular options that may or may not be more suitable for a contractor who may or may not stay in the UK long term. On a more general note when looking for a pension make sure to evaluate options on criteria such as charges, fund selection available, flexibility etc. Hope this helps.
 
Re: Starting a Pension

Thanks for reply will check out what you outlined .Just a one question can he or would it be better for him to take out one in Ireland as he intends to come back to live here at some stage ( when he has his fortune made as he says himself) or is this possible at all Thanks
 
Re: Starting a Pension

I can't really answer that myself but maybe somebody else can comment? One thing to bear in mind is that tax breaks on pension contributions are likely to only be available on those made to a pension in the country in which one normally pays tax. A key issue here may be to identify which country this will be in the medium term. [broken link removed] might be of interest in this context. If in doubt get independent, professional advice. If he will be contracting independently then he may need an accountant anyway to manage taxs returns etc. so s/he may be able to advise on this matter too.
 
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