Self Employed Can’t Afford To Delay Their Pension Provision

It usually means long hours and hard work, especially in the early stages when you are busy trying to build your brand and attract customers.

Often, your own health will suffer as a consequence, both physically and financially. You put yourself last, but it’s crucial that you do schedule in some time for your personal and financial wellbeing on a regular basis.

Lately, I’ve been a guest speaker at an event set up for self-employed people and I spoke to them about how they can start saving for their retirement. It may seem like a long way into the future, but time has a habit of running out faster than you think.

The self-employed lag behind the employed when it comes to pension provision. This is hardly surprising when the government legislates for employers to auto-enrol the vast majority of employees. There is no similar legislation for sole traders, yet the same tax reliefs apply.

If you are a sole trader, you will receive a 25% uplift on personal pension contributions. In other words, put £10