Simon Prestcote, Independent Financial Adviser Barnet, North London

The Self-Employed could benefit from pension advice from an IFA

Friday 27 May, 2016

Lonsdale Services recommend that the self-employed get pension advice

Lonsdale Services recommend the self-employed get retirement advice from an Independent Financial Adviser (IFA) after a report issued by the National Federation of Self Employed & Small Businesses (FSB) in April 2016 found only a third of self-employed people are saving into a private pension and 15% suggested they do not have retirement savings of any kind.

Simon Prestcote, Chartered Wealth Manager & Independent Financial Adviser, at Lonsdale Services Barnet, said:

’This is a worrying statistic issued from the Federation of Small Businesses. It is understandable that many self-employed individuals want to re-invest any spare income into their business, but statistics show that the sooner you consider your financial planning options the better prepared you are for your retirement.

Anyone who is employed is likely to have been automatically enrolled in a pension, or they will be in the next few years. This is a great way of ensuring that people start to save for their retirement. However this is not the case if you are self–employed or are the only director and employee of a limited company. The onus is therefore on you to think about making provision for your retirement and getting financial advice. Speaking to an Independent Financial Adviser is a good place to start, they can work with you to understand your financial planning situation and your objectives. They would then be able to provide projections to show how even making modest contributions from an early age could provide you with a meaningful pension when you reach retirement age.

Not everyone is aware of the many changes that have been made to how an individual can access their pension when they reach retirement. Pensions now offer an enormous amount of flexibility, which can allow an individual to tailor their income in retirement to their needs. This flexibility, plus the tax advantages they provide both when making contributions and as they grow makes them an excellent way to save money for the future.’

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