How To Get A Good Electrician

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Contractor Pension alternatives — important information to consider

Tarpon is an employment benefits company which offers contractors a tax-efficient payroll service. We are experts at giving impartial tax advice. We’ll claim up to 100% of your expenses back for you. And we’ll provide you with a personal business manager to handle both your admin and your invoicing. Plus many additional benefits making contracting more rewarding.

I’m contracting at the moment and my Umbrella Company have asked me whether I want to contribute to a pension — what is a pension exactly?

A pension is a long-term investment to provide a source of regular income when you retire. Contributions are made into a pension fund while you are working which will then give you regular payments once you have retired based on the amount you have contributed.

So, why do I need a pension?

When you retire, you’ll still have bills to pay and will also want a regular income so that you can enjoy and make the most of your retirement years.

The State Pension gives a basic income when you retire, but it is wise to set up a private pension as well so that you can live the lifestyle you want.

What types of pension are there?

The Basic State Pension
The amount you get will depend on how much you have paid in National Insurance Contributions during your working life.
The Additional State Pension
Depending on your individual circumstances, you may be entitled to additional State Pension.
Occupational Pension
This is an arrangement that an employer may make to provide its employees with a pension when they retire. These are also known as work or company pensions.
Stakeholder Pension
This is an individual pension where the money you contribute is invested and can be moved to wherever you are working.
Personal Pension
This is an individual pension which is likely to have higher minimum investments and fees than a stakeholder pension, but there will often be greater investment choice and flexibility.
Self Invested Personal Pension
A Self Invested Personal Pension (SIPP) can allow you to take a much more active role in the investment of your pension pot. You may be able to choose from a range of fund managers and you could invest directly in property.

And remember, you should always seek financial advice before making any decisions about how to invest for your pension.

Useful websites:
HM Revenue and Customs:
http://www.hmrc.gov.uk/pensionschemes/online/online-splash.htm
Financial Services Authority:
http://www.fsa.gov.uk/
More information from Tarpon:
http://www.tarpon-uk.com/employee-benefits/contractor-pensions/?WT.mc_id=ON-V-YouTube

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Talk soon,
Joe Beaven

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