If you’re not already investing in a pension or don’t currently make full use of the allowances, you may want to seek advice to ensure you are not paying considerable amounts of tax unnecessarily. pensions represent one of the largest tax breaks available to contractors, irrespective of whether you are inside or outside of IR35 so seeking professional financial advice is vital to ensure you are saving tax efficiently for your future retirement.
Pensions are now even more flexible, with the introduction of the new pension rules enforced in April 2015, contractors over the age of 55 can now have complete freedom on how they draw their benefits. You can encash the whole fund, take ad hoc lump sums as and when required and leave funds for future generations. This makes pensions an even more appealing, tax efficient investment option for future retirement.
Contractor Pension Providers
Having decided to take advantage of the tax breaks available to you, the key to exploiting your benefits is to ensure you make your investment in a pension that meets your contractor requirements.
Have you thought about financial planning?
Making sure that you have covered all of your important financial planning needs isn’t easy. However, we recommend Contractor Wealth (CW), who are contractor specialist financial experts and can ensure you have the appropriate planning in place.
Not all wealth advisers have an understanding of the way in which contractors work. This is where Contractor Wealth is different. They specialise in offering advice to contractors and freelancers and their knowledge of how you work is extensive, so you can be sure that you are in safe hands with an adviser who understands you and your remuneration structure.
Contractor Wealth’s areas of expertise include pension planning, taxation and investment planning. By providing you with a dedicated financial adviser, they will work with you every step of the way to ensure that your financial needs are met.
Why choose Contractor Wealth?
- Dedicated adviser through the whole process
- Qualified team with a wealth of experience
- Saving you time and potentially money
We also recognise that you require flexibility which reflects your contractor employment status which is fundamentally changeable. Therefore you must have freedom to increase, decrease, suspend, restart and cease contributions completely as and when required. Any pension must be adaptable to your requirements, so you should be able to contribute to your pension pot whether you are a one-man limited company/umbrella company, are between contracts, or return to permanent employment. CW only recommend pensions that allow versatility but are also providers with financial stability.
CW have a wealth of knowledge and experience in the field of contractor pensions and understand how to take advantage of tax rules that many general advisers/direct providers may not have experience in.
If you would like to discuss your pension options further contact CW on 01420 592 667 or complete their online enquiry form opposite.
The value of investments may fall as well as rise and past performance is not a guide to future returns.
