Pensions  

How to help self-employed clients sort out their pensions

  • To be able to list ways to create income for retirement
  • To list some of the allowances involved with self-employed clients
  • To be able to explain some of the tax structures affecting self-employed and employer clients
CPD
Approx.30min

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Self-employed workers can get some (or all) entitlement to the state pension, but they will need at least 10 qualifying years of national insurance contributions or credits.

To get the full basic state pension, clients need a total of 30 qualifying years of national insurance contributions or credits.

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The Money Advice Service has more information on this; self-employed workers also need to pay either the Class 2 or Class 4 national insurance rate.

Samantha Downes is a freelance financial journalist

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. The freedom of being self-employed is accompanied by what, according to the author?

  2. Why do 39 per cent of the self-employed say they cannot afford pension savings, according to Moffat?

  3. What does the new side-hustle tax rule apply to:

  4. True or false? A high allocation to low-risk, low-return assets could be detrimental for their longer-term portfolio performance.

  5. A SSAS is set up under what rules?

  6. According to Moffatt, paying it all into a pension is only a viable option if the business owner is:

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You should now know…

  • To be able to list ways to create income for retirement
  • To list some of the allowances involved with self-employed clients
  • To be able to explain some of the tax structures affecting self-employed and employer clients

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