How to sort your pension when you’re self-employed – Pensions 101

How to sort your pension when you’re self-employed – Pensions 101


Hi, welcome to Pensions 101, a series designed
to help you make sense of pensions. My name is Martin and today, we’re going to
talk about pensions for self-employed people. Whilst the rise of workplace pensions means
that 50% of people currently save into a workplace pension scheme, only 18% of self-employed
people do so. As a self-employed person, it’s also important
to take care of your future. Self-employed people can set up a personal
pension or consolidate existing pensions, and then pay into that pension from a personal
or business bank account. Now remember, paying in from a personal bank
account brings you benefits such as tax top up. We’ve actually created some existing videos
on this, which you can find links for in the description box below. If you own a limited company, you can also
opt to pay from your business bank account. The benefits of this are that you can save
on corporation tax, National Insurance, and dividend tax. Always remember to assess your personal circumstances
to decide which is the best option for you. Good pension providers will allow you to make
both one-off and regular contributions. This is important for freelancers and the
self-employed as it allows you to be flexible with your payments. Remember, pensions are investments which means
the value of your pot can go down as well as up over time. Capital is always at risk. Now make sure you check out our Pensions Explained
Centre, which has heaps of information when it comes to self-employed pensions – and pensions
in general! If you have any questions at all, pop them
in the comments section below. Please like this video, please share this
video, please subscribe to PensionBee! I’ll see you later, bye.

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