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You and Your Work
Being self-employed you are responsible for the success of your business. You get to ‘be your own boss’ and work more flexibly, making the key decisions that determine both your and your business’s financial future.
Perhaps your business is your retirement plan and will provide a sufficient capital sum and/or income stream in retirement. But it may also be that your business’s value drops significantly following your retirement. You may want to ask yourself: do you have an exit strategy from your business? Or might the time come when you would benefit from re-skilling?

Your Work Key Points
By paying into a pension you can receive income tax relief at the basic, higher and even additional rate depending on your income. Compared to paying a salary, you also don't pay National Insurance on pension contributions either to yourself or staff.
If your business is a company, employer pension contributions (those paid from the business to staff, including directors) are also deductible for corporation tax purposes.
If you feel your business may not be in a position to commit to a regular pension contribution, many providers will allow you to pay contributions flexibly.
From the age of 55 many providers will also allow you to take withdrawals flexibly - including a lump sum of tax-free-cash - which could help you phase retirement.
Different types of pension can have different features. A Self-Invested Personal Pension (SIPP) can hold commercial property. A Small Self-Administered Scheme (SSAS) can also hold commercial property, and can make loans back to the business. If you like the sound of these options, you may want to speak to a financial adviser.
Where to go next

There are many ways to contact us
Either press our Webchat button: 9am - 6.20pm, Monday to Friday
Call on our free helpline: 9am - 5pm, Monday to Friday
If you would like to find out more you can book a full telephone appointment with one of our specialists.