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Basically, what is a Pension?

What is a Pension?

In the very basic sense it’s simply a savings account for later life. A time when you might not want to have to work; a time when you may want to relax or take up new hobbies and interests.

Save what you can afford, either regularly or with single sums. This builds up over time and when you get to retirement you can take out some of what you have saved as a lump-sum and the rest provides you with an income.

How much you get depends on; how much you’ve saved, the options you choose and some other factors like your age. We’re he to advise you on the best options.


Why save in a Pension?

Why Save in a Pension?

Contracting or freelancing whilst rewarding is by its very nature unpredictable. This is partly why it is so important to make good savings for the future. Pensions are an excellent way to secure a nest egg for your retirement as they offer significant tax breaks and are accessible from age 55.

The money you have saved is also allowed to grow free of tax and you can take some out tax free when you take benefits.

It is a dedicated plan that is designed to build up money for later in life and for that reason the earliest you can take it is age 55, which stops you spending the money you’ve saved on other things.


How are Pensions Invested

How are Pensions Invested?

As a contractor or freelancer there is a huge choice in how you invest your pension savings. What you choose can be tailored to fit who you are and what you are comfortable with.

The choices range from cash accounts to funds which invest in shares and other assets, you can even invest in commercial properties.

You can have funds which are managed for you by specialist fund managers or you can play the markets yourself.

We will happily give you all the advice you need to make the right choices for you and your circumstances.


What Else Should I Know

We are all different and its best to get some personal advice first so the pension you have is right for you.

Plus as a contractor or freelancer there are some other considerations which are worth looking at depending on how you have structured your business.

We can help you structure this part of your finances to really synchronise with your business model and personal life choices.

We’re totally independent and our aim is to provide you with the best advice available. Call us on 01202 378050 or click here to make an enquiry.


Contractor & Freelancer Financial Services is a trading style of Compass Wealth Management Consultants Limited

7 Acorn Business Park, Ling Road, Poole, Dorset BH12 4NZ 01202 378050

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Please note that none of the information provided here should be regarded as giving advice, individual advice should be saught before making any decisions, it should also be noted that plans and products mentioned are not suitable for everyone.