If you’re self-employed, remember that your pension is your responsibility.
The self-employed sector is growing, with over one million people becoming self-employed since 20201. A concerning proportion (45%) of the UK’s self-employed population are not saving for retirement2. So, there is a risk that many people will reach retirement age and realise they can’t fund the life they had been dreaming of.
No time like the present
It’s a legal requirement for employed people to be automatically enrolled into a pension scheme by their workplace. If you are freelance, you need to sort this yourself.
The earlier you start making pension contributions, the more you can grow your investment. Putting it off will just mean that you need to save more in a shorter amount of time if you want to achieve your retirement goals.
Make regular contributions
We know there is already a lot to consider if you’re self-employed, as you have to put aside money for your tax bill but try to work out a minimum monthly pension contribution that feels manageable. You can then put a bit extra into the pot if you’re earning more.
If you’re not sure where to start, let’s talk it through.
1IPSE, 2024, 2IPSE, 2023
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.