You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder. You cannot access your pension benefits before the age of 55. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply. When transferring any existing pensions, exit fees may apply.
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Pensions for the self-employed
Life after work - getting retirement ready
Be the boss of your future
Being self-employed offers the opportunity to be your own boss, take control of what work you do and manage your schedule around you. But thinking about life after work can create another spinning plate you have to manage. Especially as you don’t have an employer making pension contributions on your behalf.
We know retirement planning probably isn’t the most exciting task to think about, but we want to help you understand the benefits it could have on your future. By not having the right retirement plan or pension, you might be left struggling once you've hung up your work boots.
- At the moment the UK state pension is rising to £221.17 a week in April 2024.
- But the age you could claim this is expected to rise to 67 by 2028.
- This could leave you falling short of a comfortable retirement one day. But a personal pension could help bolster your savings.
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What's a personal pension?
- A personal pension is the most tax-efficient way of saving for your retirement.
- When you contribute to your pension, you should be entitled to an uplift on your contribution for basic rate income tax. For example, a payment of £100 into your personal pension should increase to £125 (limits apply).
If you pay income tax at a higher rate than the basic rate, you may also be entitled to further tax relief via your self-assessment personal tax return.
Flexible contributions
You could set up monthly instalments or regular lump sums so your payments fit around your income.
Investment growth
Your money is invested, creating a better opportunity for it to grow over the long term.
Pension consolidation
If you’ve accumulated a number of pensions throughout your career, you could bring them all together so you can easily monitor how much money you have towards your future.
Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances. Your existing provider might charge fees for the transfer. You should continue to hold cash for any short-term needs. Your accountant may be able to help you calculate how much you can or should put into a pension.
Why choose NatWest Invest?
Our App is available to personal and business banking customers aged 11+ using compatible iOS and Android devices. You'll need a UK or international mobile number in specific countries. Online Banking is available to customers aged 11+ with a NatWest account.
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