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 retirement8, 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-employed9, 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.
8Nest Insight, 2019
9The Pensions Regulator, 2019
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested