A pension for freelancers

Freelancers are used to using their initiative. Yet this extends beyond completing projects and filing their taxes. There’s another aspect of their professional life they have to take charge of: their pension plan.

There is no workplace pension for self-employed individuals. There is no employer that is making contributions to their pension scheme. It is up to them to select a personal pension plan, make contributions, and ensure they’re financially secure for retirement.

However, freelancers don’t have to go it alone with their pension. They can gain added control and comfort with iSIPP.

A pension for freelancers: The benefits of working with iSIPP

The organisation and management of freelancer pensions can be a challenging, even daunting, task. Simply setting up a personal pension is something that plenty put off for as long as possible. Add in other factors like multiple pension pots that should be consolidated, and it’s no surprise freelancers would rather not have this on their plate.

This is where iSIPP can help.

Combining pension experts with an innovative platform, iSIPP has been refined to the point where we provide customers with the best level of flexibility and control. Rather than try to take on a personal pension on your own, we can offer a big helping hand. If you need further convincing, here are some of the main benefits of iSIPP for freelancers:

Great level of flexibility

As a freelancer, it is essential to have flexibility when it comes to your pension. If you have been self-employed for some time, you will likely understand how work can fluctuate. One month it can be busy and lucrative; the next, it could be difficult to find regular projects.

Now imagine if you had a lean month. With the flexibility and control of iSIPP, you can adjust your pension contribution to offset the financial struggle of a slow working period. The same applies the opposite way around, where if you earn more, you can contribute more to your pension pot.

A pension for freelancers that offers flexible options is important, and that’s what you receive with iSIPP.

Keep track with 24/7 online access

There’s no need to wait around to find out details about your pension. When you have an iSIPP account, you are able to see your pension whenever you desire. 24/7 online access is available, which allows you to keep a close eye on your pension pot and know exactly how much you have saved.

Transparency

By being able to monitor your personal pension in this way, you also gain an extra level of transparency. This is beneficial in terms of knowing about fees that are associated with pensions. You are supplied with a clear breakdown of any costs when looking at your pension with iSIPP. As a result, you know exactly what fees you have to pay.

Schedule regular contributions

One of the advantages of iSIPP is that you are able to schedule regular contributions. This is important because you want to keep adding to your pension pot on a frequent basis. With iSIPP’s help, this objective can be achieved.

The importance of making regular pension contributions

As a freelancer, you have full control over your personal pension. This has both positives and negatives. While it can assist when you need to reduce your contributions due to a lean working period, there is also the temptation to occasionally add to your pension pot.

However, it is vital you stick to regular pension contributions. The general rule of thumb is to contribute as much as you can – and as often as you can – to your pension. This will help to secure your future when you reach retirement age. The more consistent you are now, the better your future will be.

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Disclaimer 

The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.

This notice cannot disclose all the risks associated with the products we make available to you. When making your own investment decisions it is important you understand that all investments can fall as well as rise in value and it is possible you may get back less than what you have paid in. You should also be satisfied that any investments you choose are suitable for you in the light of your circumstances and financial position. You should seek financial advice if you are not sure of what’s best for your situation.