How to get a pension when self-employed

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. 

Self-Employed Pension

What type of pension can I have if I’m self employed?

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.

You may already have a workplace pension from any jobs you’ve had in the past. These are normally defined contributions (DC) or defined benefit schemes (DB). 

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:

  • they allow you to save for retirement
  • you can get a boost on your savings from the tax relief the government add to your contributions, and; 
  • you can select different ways to take your benefits at retirement with 25% of what you withdraw being free of any tax deductions. 

Can I transfer my old pensions as well?

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.

How to get a self-employed pension with Penfold

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. 

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