{"id":35532,"date":"2021-02-02T09:09:00","date_gmt":"2021-02-02T09:09:00","guid":{"rendered":"https:\/\/www.ratedpeople.com\/blog\/?p=35532"},"modified":"2021-01-29T15:45:35","modified_gmt":"2021-01-29T15:45:35","slug":"how-do-pensions-work-for-self-employed-tradespeople","status":"publish","type":"post","link":"https:\/\/www.ratedpeople.com\/blog\/how-do-pensions-work-for-self-employed-tradespeople","title":{"rendered":"How do pensions work for self employed tradespeople?"},"content":{"rendered":"\n<p><strong><em>Note: All figures are correct at the time of writing (28<sup>th<\/sup> January 2021).<\/em><\/strong><\/p>\n\n\n\n<p>As a self-employed tradesperson, you\u2019ve got a lot on your plate when it comes to organising your money \u2013 from <strong><a href=\"https:\/\/www.ratedpeople.com\/blog\/do-i-need-to-be-vat-registered-the-pros-and-cons-for-businesses-and-tradespeople\" target=\"_blank\" rel=\"noreferrer noopener\">submitting VAT returns<\/a><\/strong> to <strong><a href=\"https:\/\/www.ratedpeople.com\/blog\/coronavirus-government-support-for-construction-businesses\" target=\"_blank\" rel=\"noreferrer noopener\">applying for government financial support<\/a><\/strong>. This may mean that you\u2019ve delayed sorting out your pension. However, it\u2019s important that you make sure you\u2019ve got enough future income in the pipeline, so you can enjoy your retirement. Read on to find out more about self employed pensions for tradespeople.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Do self employed tradespeople get a State Pension?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-1.jpg\" alt=\"Person looking at laptop\" class=\"wp-image-35530\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113446\/self-employed-pensions-1.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113446\/self-employed-pensions-1-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>Yes. As a self employed tradesperson, you\u2019re entitled to the State Pension in the same way that anyone else is. You need to meet the same requirements as everyone else in order to be eligible for a State Pension.<\/p>\n\n\n\n<p>To claim the new State Pension, you must have been born on or after 6<sup>th<\/sup> April 1951 if you\u2019re a man, or 6<sup>th<\/sup> April 1953 if you\u2019re a woman. Also, you usually need to have a total of 10 qualifying years of National Insurance (NI) contributions or credits gained from either:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Paying <strong><a href=\"https:\/\/www.gov.uk\/voluntary-national-insurance-contributions\" target=\"_blank\" rel=\"noreferrer noopener\">voluntary NI contributions<\/a><\/strong> whilst you&#8217;re self employed.<\/li><li>Working and paying <strong><a href=\"https:\/\/www.gov.uk\/national-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">NI<\/a><\/strong>. A qualifying year is one where you earn over \u00a3183 per week from one employer.<\/li><li>Getting <strong><a href=\"https:\/\/www.gov.uk\/national-insurance-credits\" target=\"_blank\" rel=\"noreferrer noopener\">NI credits<\/a><\/strong>, gained during unemployment or illness for example.<\/li><\/ul>\n\n\n\n<p>If you reached the<strong> <a href=\"https:\/\/www.gov.uk\/state-pension-age\" target=\"_blank\" rel=\"noreferrer noopener\">State Pension age<\/a><\/strong> before 6<sup>th<\/sup> April 2016, then you\u2019ll get <strong><a href=\"https:\/\/www.gov.uk\/state-pension\/what-youll-get\" target=\"_blank\" rel=\"noreferrer noopener\">the old State Pension<\/a><\/strong> instead.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How much State Pension do self employed tradespeople get?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-2.jpg\" alt=\"Couple looking at online banking on laptop\" class=\"wp-image-35529\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113439\/self-employed-pensions-2.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113439\/self-employed-pensions-2-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>The full new State Pension is \u00a3175.20 per week. The amount you\u2019ll actually get depends on:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>The number of qualifying NI years that you have.<\/strong> <\/li><li><strong>Whether you have any gaps in your NI record.<\/strong><\/li><li><strong>Whether you have to pay tax on your pension.<\/strong> HMRC could count your State Pension as part of your total annual income. If your total annual income is more than your Personal Allowance (\u00a312,500) then you\u2019ll pay tax on the difference.<\/li><\/ul>\n\n\n\n<p>Looking for a pension calculator for self employed tradespeople? Work out how much income you\u2019re likely to get when you retire on the <strong><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/tools\/pension-calculator\" target=\"_blank\" rel=\"noreferrer noopener\">Money Advice Service website<\/a><\/strong>.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Personal pensions for self employed tradespeople<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"560\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-3.jpg\" alt=\"British banknotes\" class=\"wp-image-35528\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113433\/self-employed-pensions-3.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113433\/self-employed-pensions-3-454x332.jpg 454w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>You can arrange a pension yourself, that\u2019s separate to your State Pension. This is called a personal pension. It\u2019s also known as a defined contribution pension or money purchase pension.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How does a personal pension work?<\/strong><\/h3>\n\n\n\n<p>A personal pension is a type of defined contribution pension, meaning your pension pot is based on how much has been paid into it. Your pension provider will put the money you pay into your pension into investments, for example stocks and shares. With your regular contributions and the money earned from your investments combined, your pension pot should grow in value over time.<\/p>\n\n\n\n<p>The total amount of money you\u2019ll get depends on:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>How much money you pay into your pension.<\/li><li>The performance of your pension\u2019s investments.<\/li><li>How you decide to take your pension money \u2013 for example, regular payments or as a lump sum.<\/li><li>The amount of tax relief you get. Your pension provider will claim the basic rate of tax relief and add it to your pension. <\/li><li>Any charges that your pension provider takes from your pension. <\/li><li>Inflation and interest rates.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Three types of personal pension<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-5.jpg\" alt=\"British banknotes\" class=\"wp-image-35526\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113422\/self-employed-pensions-5.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113422\/self-employed-pensions-5-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><figcaption>Photo by <a href=\"https:\/\/unsplash.com\/@umbra_media?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Christopher Bill<\/a> on <a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>1. Standard personal pension<\/strong><\/h4>\n\n\n\n<p>You choose your pension provider and set up how you\u2019ll make your payments. You could make regular or individual lump sum payments into your <a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/personal-pensions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>standard personal pension<\/strong><\/a>. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2. Stakeholder pension<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/stakeholder-pensions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Stakeholder pensions<\/strong><\/a> are similar to standard personal pensions, but they usually have a bit more flexibility. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Allowing you to choose and manage your investments up to a certain amount. Your pension provider may provide you with options to choose from.<\/li><li>Allowing you to change your contributions if you need to.<\/li><li>Limiting the amount of charges you can receive.<\/li><li>Allowing charge-free transfers. <\/li><li>Allowing lower minimum contributions. <\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3. Self-invested personal pension (SIPP)<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/self-invested-personal-pensions\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SIPPs<\/strong><\/a> allow you to choose the assets that you invest your pension money in. If you&#8217;re keen to have more control over your investment portfolio, then a SIPP lets you get more hands on than standard or stakeholder personal pensions. Whilst this comes with the risk of something going wrong if you make a wrong investment decision, the potential benefits include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Allowing you to adapt your contributions as needed, whether this is by taking a payment holiday or depositing a higher one-off amount.<\/li><li>Lower management fees. <\/li><\/ul>\n\n\n\n<p>It\u2019s important to get advice from a financial adviser before setting up your pension. Find out how to choose a financial adviser to help you with your pension on the <strong><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/choosing-a-financial-adviser\" target=\"_blank\" rel=\"noreferrer noopener\">Money Advice Service website<\/a><\/strong>.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How much can a self employed tradesperson pay into a personal pension?<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-header.jpg\" alt=\"British pound coins\" class=\"wp-image-35531\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113453\/self-employed-pensions-header.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113453\/self-employed-pensions-header-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>You can pay in as much as you\u2019d like into your pension in each tax year. However, you\u2019ll only get Income Tax relief up to a certain amount.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is a pension tax deductible for self employed tradespeople?<\/strong><\/h2>\n\n\n\n<p>Yes. This is because your pension contributions are taken from your salary before you pay Income Tax on them. So, your taxable income is lower. However, you will pay tax on your pension if the amount you put into it exceeds (depending on which is lower):<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00a340,000, which is the <a href=\"https:\/\/www.gov.uk\/tax-on-your-private-pension\/annual-allowance\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>annual allowance<\/strong><\/a>.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#e7e7e7\"><strong>Example: You could earn \u00a350,000 in a tax year and put all of it into your pension. However, you&#8217;ll usually only get tax relief on \u00a340,000 of it.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>100% of your earnings.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#e7e7e7\"><strong>Example: If you earn \u00a320,000 in a tax year but put \u00a330,000 into your pension, then you&#8217;ll usually only get tax relief on the \u00a320,000.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00a31,073,100 in your lifetime. This is the <a href=\"https:\/\/www.gov.uk\/tax-on-your-private-pension\/lifetime-allowance\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>lifetime allowance<\/strong><\/a>.<\/li><\/ul>\n\n\n\n<p>If your pension provider isn\u2019t registered for tax relief with HMRC and\/or doesn\u2019t invest in your pension pot according to HMRC\u2019s rules, then you\u2019ll pay tax on your contributions.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to backdate pension contributions<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-6.jpg\" alt=\"Person thinking and looking at laptop\" class=\"wp-image-35525\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113416\/self-employed-pensions-6.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113416\/self-employed-pensions-6-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>You can carry forward any of your annual allowance that you didn\u2019t use in the three previous tax years, as long as you were a member of a registered pension scheme during that time. <\/p>\n\n\n\n<p>You must also pay the full annual allowance into your pension for that year, in order to start using any annual allowance that you\u2019ve got left over from previous years. Unused allowance can only be carried forward for up to three years.<\/p>\n\n\n\n<p>Speak to a <strong><a href=\"https:\/\/www.moneyadviceservice.org.uk\/en\/articles\/choosing-a-financial-adviser\" target=\"_blank\" rel=\"noreferrer noopener\">financial adviser<\/a><\/strong> to backdate your pension contributions.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to save for a pension as a self employed tradesperson<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"766\" height=\"511\" src=\"https:\/\/www.ratedpeople.com\/blog\/assets\/2021\/01\/self-employed-pensions-7.jpg\" alt=\"Carpenter looking at laptop\" class=\"wp-image-35524\" srcset=\"https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113410\/self-employed-pensions-7.jpg 766w, https:\/\/rp-prod-wordpress-b-content.s3.amazonaws.com\/assets\/2021\/01\/29113410\/self-employed-pensions-7-498x332.jpg 498w\" sizes=\"auto, (max-width: 766px) 100vw, 766px\" \/><\/figure>\n\n\n\n<p>The earlier you start your pension, the better. The benefits of starting your pension as soon as possible include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>There\u2019s more time for your money to grow<\/strong><\/h3>\n\n\n\n<p>As your pension money is invested, there\u2019s more time for it to potentially grow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>You\u2019ll get more tax relief from the government<\/strong><\/h3>\n\n\n\n<p>If you started your pension when you were 23, paying in \u00a3150 per month, then you could get \u00a34,560 more in tax relief from the government than if you waited 10 years, <strong><a href=\"https:\/\/www.aviva.co.uk\/retirement\/retirement-planning\/why-it-pays-start-your-pension-early\/\" target=\"_blank\" rel=\"noreferrer noopener\">according to Aviva.<\/a><\/strong><\/p>\n\n\n\n<p>For more advice on planning your retirement income, visit <strong><a href=\"https:\/\/www.gov.uk\/plan-for-retirement\" target=\"_blank\" rel=\"noreferrer noopener\">Gov.uk<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note: All figures are correct at the time of writing (28th January 2021). As a self-employed tradesperson, you\u2019ve got a lot on your plate when it comes to organising your money \u2013 from submitting VAT returns to applying for government financial support. This may mean that you\u2019ve delayed sorting out your pension. However, it\u2019s important &hellip;<\/p>\n","protected":false},"author":61,"featured_media":35531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093,2944],"tags":[3156,3157,3076,3113],"class_list":["post-35532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-advice","category-trade","tag-pensions","tag-self-employment","tag-tips-for-tradespeople","tag-trade-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Self employed pensions: advice for tradespeople | Rated People<\/title>\n<meta name=\"description\" content=\"The earlier you start your pension, the more time your money has to grow. 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