Growing the best pension for self employed people
At Accudo Investments we will put together an investment portfolio comprising a range of investments weighted towards achieving sufficient growth to preserve the capital and to meet your income needs.
Private pensions for self employed workers perform best when they are assembled by our expert team to reflect the individual attitude towards risk, the income, and lifestyle needs of each client.
As part of our service, we will also include a professional assessment of any previous pensions that you might have acquired during your career and advise you on whether it would be in your best interests to consolidate these or not.
This tailor made approach coupled with our investment philosophy has been delivering the outcomes that our clients seek from us since we were directly authorised by the FCA in 2005.
Flexible access to your money
We don’t just help you grow your retirement pot we also help you use it appropriately. The funds in pensions for self employed business owners can be accessed even if you haven’t given up work. Drawing money down is a significant step to take, and we will offer you personalised advice whatever your stage in life.
From the age of 55 you can take advantage of drawdown options (including Flexi Access Drawdown). You can choose to withdraw up to 25% of your retirement fund as tax-free cash, or to withdraw an income and tranches of tax free cash in exactly the manner that is suitable for your specific circumstances.
We help you determine how much to take and how best to take advantage of tax-free cash. For example, taking all your tax-free cash up front might not be a good idea for you and it could cost you more in the long-run.
There are 2 main options available to you to access your money before you officially retire.
- You can take up to 25% as a lump sum without incurring any taxation
- You can access more of your pot with staged withdrawals of smaller sums up to 25% of its value
Tax efficiency for you and your businessA private pension for self employed people is often more than just a retirement fund. Our financial experts will help you use your contributions to achieve optimum tax efficiency for your personal income and for the income of your business. As a private individual you can contribute as much as you earn to your retirement fund. However if you own a limited company, your business can make employer contributions at a value that is not limited by your personal earnings. Business contributions are not subject to corporation tax nor to National Insurance payments, and the money you receive from these contributions is exempt from income tax until you start to draw on the fund. Additionally funds held within a pension are normally outside of one’s estate for inheritance tax purposes. We help our clients structure their pensions in such a way that they can benefit from all these efficiencies and, as part of managing your portfolio, we will keep your contributions regularly under review so that you don’t miss out on your annual tax relief allowance.
What you get with Accudo Investments
- Experienced management of risk
- Support to keep you on target to reach your goals
- Sophisticated diversification strategies to minimise portfolio volatility
- Objective recommendations to eliminate common investor biases
- Methods to draw on your money in a tax efficient manner
- Transparent fee structures and assessment of the costs of different investment options
- Routine reviews and adjustments to your investments
- Timely notification of pension rule changes that might affect you
- Implementation of alternative plans to reflect changes in circumstances
Am I eligible to claim a state pension if I am self employed?
As long as you are paying class 2 National Insurance contributions (NIC) then you will qualify to receive a State Pension. The amount that you will be entitled to will be calculated in the same way as that for a salaried employee.
Is there a minimum amount a self employed person should contribute to a retirement fund?
Ideally you should always try to contribute as much as you can to your fund but the amount will depend on your present and future lifestyles, your income and your attitude to risk.
Can I get tax relief on my contributions even if I’m self employed?
Based on the level of your contributions and your income tax band the government will top up at a basic rate of 20% and any higher rate tax can be reclaimed via self assessment. If you receive a salary from your own limited company then you can make employer contributions to your retirement fund and these will not be subject to Corporation Tax