Set up a Private Pension

Setting up a private pension allows you to take control of your retirement savings, giving you the flexibility to choose how much to contribute, where your money is invested, and how your savings grow over time. 

If you’re employed, a private pension can complement your workplace pension scheme. It’s a simple way to boost your retirement savings on your own terms.

If you’re self-employed, a private pension is one of the most effective ways to build a structured, tax-efficient retirement fund. 

The earlier you set up a private pension, the more time your money has to grow! We can help you take the next steps in investing in your future. 

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Growth Calculator

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Quick answers

  • This depends on the type of pension. Consolidating multiple pensions from old jobs into one plan can make it easier to manage your savings, potentially reduce fees, and give you a clearer view of your progress towards retirement. 

  • When you contribute to a private pension, your money is invested in funds such as stocks, bonds, or mixed portfolios. Over time, these investments grow, and you can access your pension from the minimum pension age, usually 55 or older. 

  • Private pension contributions receive tax relief, meaning the government adds money based on your income tax rate. For example, a £100 contribution from a basic-rate taxpayer costs only £80, while higher-rate taxpayers may claim extra relief through their tax return.

  • Deciding how much to contribute depends on your current financial circumstances and your retirement goals. Our advisers can help you create a plan that balances what you can afford today with what you want in the future.

  • Yes.  Consolidating multiple pensions from old jobs into one new plan can make it easier to manage your savings, potentially reduce fees, and give you a clearer view of your progress toward retirement.

  • Anyone earning an income can set up a private pension. This includes employees, self-employed individuals, and those who already have a workplace pension.

  • Yes. Most private pension plans allow you to increase, decrease, or pause contributions. This flexibility is ideal if your income or financial situation changes.

What our clients say

testimonials

“Setting up a private pension in my early 20s was one of the best financial decisions I’ve made! Self-employed at the time, I was concerned I’d have no income later in life and was scared of the thought of not knowing what age I’d have to keep working until. With consistent contributions and steady growth I’m confident having this pension will support me to retire at the age I want.”

Alice

A PENSION IS A LONG-TERM INVESTMENT. THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.