Pension planning for the self-employed

Introduction

A pension gives you a retirement income, paid for by investments built up during your working life. The state pension is funded by your National Insurance contributions but only provides a basic income. You may need another pension in order to retire comfortably.

If you are self-employed, you will not qualify for the additional state pension (also known as the state second pension). However, you can take out a private pension such as a personal pension or a stakeholder pension. The amount you get at retirement depends upon how much money has been paid in, how well it has been invested and the age at which you retire.

It is important that you consider all your options before making a decision. This guide helps explain how pensions work and what you need to do to find one that suits your needs. 

Subjects covered in this guide

• Introduction
• Assessing your pension needs
• How a personal pension works
• When to cash in your personal pension
• The basic state pension
• Stakeholder pensions
• Other pension products
• Other tax-efficient savings - ISAs
• Transferring your pension
• Keeping track of your pension

Print options - What are my print options - Opens in a new window

• Add guide to my print portfolio (print later as PDF)

Email options - What are my email options - Opens in a new window

• Tell a friend about this page
• Send me an email alert when this guide changes