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Finance in Berkshire
c/o Business in Berkshire
Windsor
Berkshire
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Self-Employed Pensions
Self-Employed Pensions
The security of a pension is one of the key things that may be sacrificed when you become self-employed. Most firms have their own pension schemes that you and your employer contribute to, but if you’re self-employed you have to take care of this yourself.

What are my options?
As everyone’s circumstances are different, the options available will vary.

Previously been employed?
If you worked for an organisation before you jumped into self-employment, chances are you or your employer would’ve been contributing to a pension scheme. You’ll need to speak to an advisor or the company in control of the pension (e.g. Standard Life) to discuss what’s best for you. Usually you can continue contributing, transfer the money or leave it as it is.

Self-Employed
There are a number of options available if you are self-employed:

• State Pension - relies on NI Contributions. These are either Class 2 or Class 4, or both.
• Stakeholder Pensions – A low-charge pension which has to satisfy minimum government standards.
• Individual Savings Accounts (ISA’S) – tax efficient savings.
• Self Invested Pension Plans (SIPP’s) - stocks, shares and property.
• And more!

Look after number one
Saving for a pension when you’re self-employed might seem like an extra hassle, but it’s well worth saving something no matter how little. As the future of the state pension doesn’t look too rosy, it’s important to have an extra income.


Fiona Seymour-Jesse
SJ Copy

PS: All of the featured links are also available on the home page of the Finance section.


Useful Links

Business pensions for the self-employed
http://www.moneysorter.co.uk/businesspensions.html

Pensions for the self-employed
http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073868310

Guide to self-employed pensions
http://www.thepensionservice.gov.uk/resourcecentre/pm/pm5.asp

The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made





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In this section:
Self-Employed Pensions
Pensions- are they worth it?
What is a pension?

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