New report shows UK women lag behind in pension wealth
Fidelity’s new report shows UK women are set to be worse-off during retiremen…
Self-employment can give you the freedom to be your own boss, a better work-life balance and more control over your work. But do you have more control over your finances? We look at the benefits gap between the employed and the self-employed and how you can bridge that gap.
Managing your finances as a self-employed person can take up a lot of your time. There might be invoices to chase, timesheets to complete, suppliers and/or staff to pay, nevermind sorting out your tax affairs. All of which gives little time to consider planning for your retirement.
No wonder then that our research has found that 62% of self-employed people currently have no form of pension savings. Indeed, 28% of self-employed people aren't saving for anything at all. Whilst those who work for employers are beginning to feel the benefits of the government's auto-enrolment scheme, our research has shown that self-employed people are getting left behind when it comes to pensions and savings.
Our report looks to address this. It aims to empower Generation Self-Employed to take the best care of their finances. Download the report, watch our video and have a look at some of our articles to help you become the boss of your financial future.
have no pension savings
are currently not saving for anything
Source: Fidelity International & ComRes, Generation Self-Employed Survey, January 2019.
How do your savings stack up against other self-employed people? Take an in-depth look into how those who have chosen to be self-employed are managing their personal finances by downloading our report.
Let us help you. An ISA and a Self-Invested Personal Pension (SIPP) are tax-efficient accounts that can help you save for your future.
The value of investments can go down as well as up so you may get back less than you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.
*To pay in a total of £1,000 to your SIPP, you would only need to contribute £800, and the government would pay the other £200. If you pay income tax at above the basic rate, you can claim even more tax relief through your tax return or by writing to HMRC.
Don't get caught out when you retire. Find out how being self-employed doesn't mean you shouldn't contribute to a pension.
This information is not a personal recommendation for any particular product or service. If you are unsure about the suitability of these products and services you should speak to an authorised financial adviser.