28/11/2019
Pension Planning for the Self Employed
Check your Pension Age
If you were born before 05/04/70 it will be 65 years
Born between 06/04/70 - 05/04/78 it will be 67- 68 years depending on your date of birth
Born after 06/04/78 it will be 68 years
Check your State Pension Entitlement
www.gov.uk/check-state-pension
This will help you to find out your personal entitlement and if you have the option to increase it.
Check for any Old Pensions
Check your personal records or use the Pension Tracking Service
www.gov.uk/find-pension-contact-details
Consider your Options to Increase your Retirement Income
Paying into your own Private Pension allows you to claim tax relief on contributions up to £40,000 p.a. As a basic rate tax payer that means £25 for every £100 paid into the pension. (Ask Anne re higher rate tax payers)
www.gov.uk/tax-on-your-private-pension/annual-allowance
Alongside Ordinary Personal Pensions, Stakeholder Pensions and Self-Invested Personal Pensions you have the option of NEST. The National Employment Savings Trust (NEST) isn’t just for people working for employers, despite being a workplace pension scheme. Run as a trust by the NEST Corporation, there are no shareholders or owners and is run purely for the benefit of its members.
The guidance from NEST is that you can usually join if you’re self-employed or a sole director of a company that doesn’t employ anyone else. A Lifetime ISA is also a consideration for those under 40 as part of a pension portfolio.
www.nestpensions.org.uk
Self Assessment/record keeping? (Ask Anne)