Self-employment: Pensions information and advice

Insured Personal Pension

With an Insured Personal Pension you pay a regular amount, usually every month, or a lump sum to the pension provider who will invest it on your behalf. The fund is usually run by financial organisations such as building societies, banks or insurance companies.You can make flexible payments such as, regular payments or pay lump sums when you can afford it. When you retire you can withdraw a certain amount, you must then use the rest to purchase an annuity from a financial provider.

Stakeholder pensions are also available; these work in much the same way as Insured Personal Pensions but you must satisfy minimum standards such as capped charges. You pay money into a pension pot run by an insurance company or bank, which is then invested in collective funds. Your final amount is dependent purely on how much you put in and how well the investments performed. There are no extra charges should you choose to transfer money in or out of this scheme.

If you are self-employed then a pension scheme is something you should be thinking about. The Financial Consultancy will offer independent advice on the best pension for you and your family.


Telephone: 0845 4 66 88 66

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