Pensions when you work for yourself
Updated
Work for yourself and there's no employer pension set up for you, so a pension is something you arrange yourself, usually a personal pension or a SIPP opened with a provider. It works much like a workplace one; the difference is you set it up and choose the contributions.
The tax relief
Contributions get tax relief at your marginal Income Tax rate (there's just no employer match to capture), and qualify up to your relevant earnings within the £60,000 annual allowance. If you pay yourself through a limited company, dividends don't count as relevant earnings; the salary vs dividend calculator shows how the two compare. How much, if any, suits you depends on your circumstances.
Speak to a regulated adviser
A regulated adviser or partner will be available here. Blooom provides information only and does not give regulated advice.
This is general information, not accounting or tax advice. An accountant or HMRC is the right source for your situation.
3 min left
What Blooom does for you here
Blooom keeps your pension pots in one place, so what you're setting aside for later is never out of sight.
With a free account, Blooom keeps your figures and dates in one place. It's free.
This guide is general financial education, not personal advice. Always do your own research, and consider speaking to a regulated adviser for your specific circumstances.
Keep your figures for next time.
Save your figures to use them in relevant calculators.
Join the waiting listCreate a free Blooom account. Blooom never asks for your bank login.