Don’t miss out on tax relief on your self-employed pension contributions

Experts are warning that the self-employed are heading for a retirement crisis. A survey of 5,000 self-employed workers by the wealth manager Interactive Investor found that 76%  weren’t saving into a pension. Of these, 38% had never saved into a pension, while another 38% had a workplace pension from a previous job but weren’t saving anything now. And with 4.25 million self-employed people in the UK (according to the latest figures from the Office for National Statistics) this means that millions are likely to fall short of cash when they retire. But if that’s you, it’s not too late to turn things around! Navigating the landscape of self-employed pensions can seem tricky, but understanding how to maximise your tax relief is the key to making it feel achievable. So in this guide we’re going to help you understand the basics of pension tax relief, demystify setting up a self-employed pension and show you the potential savings you can make through sensible pension planning. Ready to start dreaming of that retirement sipping gin and tonic by the sea? Let’s get cracking…