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Pensions for the Self-Employed

So what is a pension! it is a tax-free pot of cash you, or if you are employed, your employer (and sometimes the Government) pays into, a central way of saving up for your retirement.

Retirement, pfft I haven't even considered thinking about my retirement, not when my priorities have been my savings for my children and my current career. I've really not given a pension much thought.

But, I know I must! I am self-employed, thus I do not have an employer paying into a plan for me, unlike my hubby does. And because I am self-employed I face a particular challenge in saving for retirement, and I need to recognise this, especially as I am not getting any younger - the responsibility lies entirely with me.

But then how easy is it to start a pension? to merge all my smaller pensions from the employee jobs I have had over the years - A pension whilst being self-employed is a minefield of information you need to research, you want to get the right one that suits you the best, right? And, if you are like me you just don't have the time or desire to go sit down with a financial adviser for a couple of hours.

With Nutmeg you have either option to start a new pension from scratch or if applicable, you can bring all your existing pensions under one roof. Then you have the control where you can grow your pension automatically by Direct Debit, or you organise for your employer to contribute directly. Nutmeg allows you to build up a retirement pension fund in a tax efficient way.

If you do start a pension, then don't forgot about the available tax relief (as per the annual allowance). Because if you are self-employed you will automatically receive 20% tax relief as an additional deposit into your pension pot. You can also reclaim tax relief from the previous three tax years.

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