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)

Good Accountancy

Contact us on 01420 525 020 or info@goodaccountancyservices.co.uk
for advice or to discuss how we can help.