Self Employed

You will need to make your own pension arrangements. Broadly speaking if you don't invest today, you won't have a pension when you retire.

A lot of people assume that their business can be sold when they come to retire and that this will produce a retirement lump sum. However the truth is, but for most small firms and almost all one man bands this is just not the case. The business is either unsellable (because it's revenue is down to your personal skills rather than anything intrinsic within the company and expertise of the other staff) or the sum produced will be much lower than you might expect. If you are anticipating this route for retirement funding you need to be ruthlessly realistic in your expectations, because at 60 it'll be too late for plan B.

Pension investments can be made on a regular monthly basis or ad hoc single premiums.

Use the Pensions Audit to assess your position.

If you have not yet started any pension planning then, as a Sole Trader or Partner, you will probably need to use a Personal Pension Plan.

If you begun provision before July 1988 then you might have a Retirement Annuity and should see Retirement Annuity Contribution Limits Table and Calculator.