{"id":219818,"date":"2017-08-25T21:37:19","date_gmt":"2017-08-25T20:37:19","guid":{"rendered":"https:\/\/www.pearlaccountants.com\/?p=4635"},"modified":"2023-02-20T09:07:44","modified_gmt":"2023-02-20T09:07:44","slug":"contractor-pensions-quick-guide","status":"publish","type":"post","link":"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/","title":{"rendered":"Contractor Pensions &#8211; Quick Guide"},"content":{"rendered":"<p>A contractor should take out a pension as it offers many benefits in the long run. This quick guide will highlight the key points when choosing a contractor pension scheme.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/#Pension_Funds_for_Contractors\" title=\"Pension Funds for Contractors\">Pension Funds for Contractors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/#Saving_Tax_with_a_Pension_Fund\" title=\"Saving Tax with a Pension Fund\">Saving Tax with a Pension Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/#Retirement_Rewards\" title=\"Retirement Rewards\">Retirement Rewards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/#Insurance_Providers\" title=\"Insurance Providers\">Insurance Providers<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Pension_Funds_for_Contractors\"><\/span>Pension Funds for Contractors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As a Contractor, taking out a pension fund is a sound financial investment.  You can draw from it when you reach retirement age at 55. It is protected by financial laws and it can act as a cash fund if it suits your needs.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Saving_Tax_with_a_Pension_Fund\"><\/span>Saving Tax with a Pension Fund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>By investing in a pension fund, you can save on the tax that you would pay on your contractor income. The sooner you take out a pension fund, the sooner you will reap these savings. It is best for a contractor to pay for their pension fund from that of their company as you will receive more tax relief. However, if you do not have a company then you can also pay for the pension fund from your individual bank account.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Retirement_Rewards\"><\/span>Retirement Rewards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At the retirement age of 55 years, you can draw from your pension fund. The money can be drawn in lump sums and invested elsewhere such as in in property or other investments which will reap a new source of income. Investing in a pension fund will give you retirement rewards which can be used to maintain your lifestyle standard.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Insurance_Providers\"><\/span>Insurance Providers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An Insurance provider that specifically meets the needs of a contractor should be sought. These type of Insurance providers will allow you to contribute to a pension fund as and how you want as they will recognize the nature of contracting work. You should have flexibility to decide how much and how often you pay into your pension fund. Always ensure that the Insurance provider that you have chosen has a good name and reputation as your pension fund will be a lifetime investment. It is advisable that you seek financial advice before choosing a pension fund provider.<br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A contractor should take out a pension as it offers many benefits in the long run. This quick guide will highlight the key points when choosing a contractor pension scheme. Pension Funds for Contractors As a Contractor, taking out a pension fund is a sound financial investment. You can draw from it when you reach <a href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  Contractor Pensions &#8211; Quick Guide<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":218933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4311],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Contractor Pensions - Quick Guide - Pearl Accountants<\/title>\n<meta name=\"description\" content=\"If you&#039;re a contractor and need to deal with pensions this guide will help you ensure your complaint and tax-efficient, learn more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contractor Pensions - Quick Guide - Pearl Accountants\" \/>\n<meta property=\"og:description\" content=\"If you&#039;re a contractor and need to deal with pensions this guide will help you ensure your complaint and tax-efficient, learn more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pearlaccountants.com\/blogs\/contractor-pensions-quick-guide\/\" \/>\n<meta property=\"og:site_name\" content=\"Pearl Chartered Accountants &amp; 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