Being your own boss can have many benefits. But it also means that the responsibility for planning your retirement is another task on your to-do list. Don’t put it off! Making plans for your personal financial future should form part of your business goals today.
If you’re self-employed, you’re able to set up a personal pension to save for your retirement. You can add regular contributions or make ad hoc payments into your pension, and your pension provider will claim tax relief and add it to your pension pot.
If you’ve decided to set up a new pension, then the types of pension you’re looking at starting are a personal or private pension, a Self-Invested Personal Pension (SIPP) or potentially a Stakeholder pension. These are all different pension products but ultimately all work in the same way:
When setting up a new pension you might want to start by reviewing any current pensions you have or searching for any lost pensions you may not have the details for. Once you’ve weighed up what pensions you have, you might decide its simpler and easier to combine these pensions together with your new plan. You can find out more about this here.
Penfold is the online pension built for the self-employed. Our pension is built to be completely flexible around your needs: top up, change and pause your payments at any time, and anywhere in just a few taps.
We already help thousands of self-employed people everyday gain full control over their finances by providing the right support and tools to track down pots, make tax efficient decisions and ultimately set up a brighter future.
Set up your personal pension with Penfold today in just 5 minutes. Start saving with Penfold, and stop working sooner.