If you’re self employed there are flexible pension arrangements to meet their requirements.
Here are a few things to think about if you are self employed:
- Will the state provide my pension?If you’re paying National Insurance you are probably building up entitlement to basic state pension but you will not qualify for the State Second Pension.
- Do I need to think about building additional pension investments?
The basic state pension alone will only provide you with the means to have a simple lifestyle in retirement. Use our pensions information and try our budget calculator to see how much you could need in retirement. - How much pension investments will I need?
Work out how much pension income you could receive in retirement as well as how much your pensions investments may provide with our pension calculator. - What pension investments options are there for the self employed?
You can start your own Individual Stakeholder Pension or an Individual Personal Pension. These are the most popular choice for people who arrange a pension privately. For more experienced investors who are interested in managing their own investment by dealing and switching funds, a Self Invested Personal Pension (SIPP) is worth considering. With these pension types a personal fund is saved up that you convert into an income when you retire. Read the information in ‘Your pension choices’ on the right to find out more. - Can I spend the fund if I don’t have any work for a while?
You cannot treat your pension fund like a savings account. Once you put the money in a pension you won’t be able to get the benefits until you reach your agreed retirement age. - So can I use any other savings for my retirement income?
You can use your savings and investments to draw an income in retirement. To find out more about saving and investing read our information on the right.
What next?
If you’re ready to find out more about what to do if you are self employed, you can either follow the next link at the bottom of the page, or, if you prefer you can use the links to information and tools on the right.
