If you’re self-employed, you can set up a personal pension to save for your retirement. You can add regular contributions or make ad hoc payments into your self-employed pension, and your pension provider will claim tax relief and add it to your pension pot.

Should I start my own pension?

Generally it’s a good idea to start a pension as soon as you can, even if you can only pay a small amount into your pension to begin with. Money will be paid directly into your pension before your salary is paid, and your employer will contribute to your pension too.

How do I set up a pension?

You’ll need to choose a pension scheme that is set up for automatic enrolment. You and your staff will pay money into this scheme to help your staff save for their retirement. You’ll need to find a scheme yourself or get help from your accountant or a financial adviser.

How much can I pay into my pension if I am not working?

Pension for Non-Earners You can take your pension benefits from the age of 55, with the first 25% available as a tax-free lump sum. The remaining 75% is available as taxable income. If you are a non-taxpayer (and these pension payments do not push you into tax), this payment would not be taxed.

Is it worth starting a pension at 50?

Ros Altmann, a retirement expert and a former pensions minister, says you are “certainly not” too old to start saving, even if you are in your 50s. “You could save for another 15 or 20 years and benefit from long-term returns, which increases the money you have later in life,” she says.

How to set up a personal pension plan?

How to set up a personal pension plan. Setting up a personal pension is relatively straightforward and is something anyone can do. The best place to start is by speaking to an independent pensions expert to make sure you make all of the right decisions. Make an enquiry to get started.

Why do people want a personal pension plan?

Most people start up a personal pension plan either because they don’t have a workplace pension, or they want to put extra money away for their retirement. Some also open one because they want more flexibility over their retirement investments.

When do I start taking money out of my pension?

Most personal pensions set an age when you can start taking money from them. It’s not normally before 55. Contact your pension provider if you’re not sure when you can take your pension. You can take up to 25% of the money built up in your pension as a tax-free lump sum.

Do you get a pension if you work for government?

Our generation and those following us have no traditional pension (unless you work for the government or an old-line company that hasn’t yet shed its defined benefit pension plan). The fact is, the vast majority of us will move into retirement without the security of a guaranteed monthly income.