spouse of sole trader - how can I start a pension???

Hello,

I am married with 2 kids. I work with my husband part-time - he is a sole trader - so he cannot employ me officially. From all of the research I have done so far, it appears there are no pension schemes open to me. Can anyone prove me wrong? (I contribute the full amount to an SSIA montly, but that is it)
Thanks.

PRSAs are open to everybody as far as I know.
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Personal Retirement Savings Accounts (“PRSAs”) were introduced by the Pensions (Amendment) Act, 2002. A PRSA is an investment vehicle used for long term retirement provision by employees, self-employed, homemakers, carers, unemployed and any other category of person.

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If you're working for your husband part-time, you can be paid a salary by him, even if he is a sole trader. I'm not a tax professional, but I would consider this prudent tax planning as a married couple with two incomes gets greater tax credits than a married couple with one income.

If you're earning an income and paying tax you have a number of options as to what type of pension you require.

While you can make contributions to a PRSA without having any income, this is not always a good idea. If you have no income, you will not get any tax relief but the resulting pension may be taxed. You may, however, carry forward unused tax relief into future years if you feel it likely that you will have taxable income to set it against.

Liam D Ferguson
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