Self-employed? Get your pension working for you
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Self-employed? Get your pension working for you
Being your own boss, a better work-life balance, tax deductible expenses and having the flexibility to choose your working hours are just a few of the many benefits to being self-employed. However, when it comes to pension provision, the hordes of self-employed people in the UK are finding themselves disadvantaged.
Although almost three quarters (74%) of self-employed people believe it’s important
to save for retirement*, just 24% are actively contributing to a pension. More guidance on funding their retirement would be welcomed by over half (55%) of respondents, suggesting they lack the knowledge and confidence to plan for the future on their own.
Auto-enrolment – exclusions apply
Over 10 million employed people are now automatically enrolled in a workplace pension scheme by their employer, but unfortunately no such option is available for the self-employed**, a major reason why so few self-employed people are currently contributing to a pension.
Peace of mind
If you are self-employed and want to save for your retirement, but don’t know where to start, professional advice can help provide peace of mind and boost your confidence about the years ahead. We can support you to find the pension plan that best suits you, to secure the financial future you deserve.
*Nest Insight, 2019
**The Pensions Regulator, 2019
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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