Where to begin
Almost half -45%-of freelance and other self-employed workers are not currently saving into a pension, according to the latest research from the Association of Independent Professionals and the Self-Employed.
But you can typically save from about £50 a month into a personal pension, and it is important to start somewhere. After all, you will need additional income on top of the full new flat-rate state pension, currently£203.85 a week, or £10,600 a year, which you get if you have made sufficient national insurance contributions.
Becky O'Connor, director of public affairs at online pension provider PensionBee, says: "If you are self-employed, pensions are still worth it. You might not get contributions from your employer, but you will still get tax relief on contributions. This is an instant uplift on what you put in."
As a basic-rate taxpayer, tax relief means that it costs £80 to pay £100 into your pension, while it will cost higher-rate taxpayers £60 to pay £100.
Pick your type
You have several choices. You could choose a personal pension that offers a range of ready-made plans to suit different types of savers. Alternatively, if you pay into a stakeholder pension, your contributions will usually be paid into a default fund.
Esta historia es de la edición July 22, 2023 de The Guardian.
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