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Top 10 Tips for Self-Employed Pension Saving

  1. Make a budget: Take into account your regular and expected expenses along with paying off debt. Remember to factor in any big-ticket items you will need to purchase in the future. Setting aside money every month for unexpected expenses or situations is important. An emergency fund will help to smooth out challenging financial situations and prevent the use of high-interest debt such as credit cards.
     
  2. Review your expenses: Retain receipts and at the end of the tax year, submit them as part of your tax return. Remember to keep receipts for 6 years as HMRC could ask to see them at any time.
     
  3. Keep a record of your accounts: either find an accountant or bookkeeper to help you with your accounts or ensure you keep on top of your records.
     
  4. Claim any tax allowances you are entitled to e.g. Marriage allowance.
     
  5. Keep on top of your tax and National Insurance liability.
     
  6. Find out if you’re entitled to claim benefits/financial support such as Working Tax Credit, Housing Benefit, Council Tax Support, Child Tax Credit, Child Benefit, Pension Credit or other benefits if you are unable to work due to illness, injury or disability.
     
  7. Plan for your retirement:

    Have you thought about making contributions to your pension or increasing your existing provision? You can read our Spotlight for more information.

    Do you have old pension pots that you have lost track of? You can use our pensions tracing tool.
     
  8. Arrange insurance: Many self-employed people take out income protection insurance and critical illness cover in case they are unable to work due to sickness/injury. Life insurance is also common for people who have dependents such as a partner or children.
     
  9. Develop a support network around you: Make use of industry bodies or local networking groups. It’s important to keep a network of people around you who can discuss work and share ideas/experiences.
     
  10. Make sure you are allowing enough free time in your schedule: Self-employment can be hectic and challenging, it’s important to allow yourself some downtime.

TPAS offers Midlife Review appointments aimed at supporting self-employed people with the particular retirement issues they face. These are held at a time of your choosing with a TPAS pension specialist and provide impartial and independent guidance to help you think about your pension planning and next steps.

Please email your contact details to Virtual.Appointments@pensionsadvisoryservice.org.uk if you are interested in receiving an appointment.

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