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Home Pensions & retirement Pensions for self employed

Pensions for the self-employed

Don't get caught out when you retire. If you're self-employed, you might want to think about how you'll fund your retirement.

Important information - The value of investments can go down as well as up, so you may get back less than you invest. Tax treatment depends on individual circumstances and all tax rules may change in the future. You cannot normally access money in a SIPP until age 55 (57 from 2028). It is important to understand that pension transfers are a complex area and may not be suitable for everyone.

Self-employed pension options

According to the Institute for Fiscal Studies (IFS), less than 20% of self-employed workers earning over £10,000 pay into any kind of pension, versus 80% of those who have an employer and earn over £10,000. This page looks at the different pension options open to you and compares them to owning property as your pension.

Source: Private pensions for the self-employed: challenges and options for reform, Institute for Fiscal Studies, September 2024.

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The State Pension

To be eligible for the State Pension you'll need at least 10 qualifying years of National Insurance contributions or credits. If you're self-employed, you will usually need to pay your National Insurance contributions through your self-assessment tax return. MoneyHelper has more information on the type of contributions you will need to pay, and the benefits those contributions pay for.

Although valuable, the State Pension alone is unlikely to maintain the lifestyle you've enjoyed before retirement, which is why SIPPs (Self-Invested Personal Pensions) are a particularly attractive option to the self-employed, or those who change their career regularly.
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Self-Invested Personal Pension (SIPP)

A SIPP is a flexible and convenient way to save for retirement. You choose what to invest in and when, and you can usually make withdrawals from age 55 (57 from 2028).

The government will contribute 20% basic rate tax relief on any payments you make into your SIPP (up to a maximum of £60,000, capped at the amount you earn if this is less), making SIPPs one of the most tax-efficient ways to save. For example, if you pay in £800, HMRC will add £200 - and more if you’re a higher rate taxpayer. 

Your SIPP grows free of income and capital gains tax over time and you can normally take up to 25% tax free cash, with the rest of your withdrawals subject to income tax at your marginal rate. 

More about pension tax benefits and allowances 
 

Why our SIPP?

Our award-winning SIPP offers many benefits to help you make the most of your money:

  • Start your SIPP today from as little as £20 a month with our regular savings plan, a lump sum payment of £800, or by transferring a pension in. Employers, your limited company, or someone else you know can also pay in.
  • Our typical service fee is just 0.35% (investment charges set by the companies and funds you’re investing into will also apply).
  • Wide investment options, including thousands of funds and shares, giving you more ways to reach your goals. Plus, investment ideas and easy-to-use tools to help you choose and get started.
  • Plenty of online guidance and expert insights. Plus, dedicated teams you can talk to for extra support. 
  • Flexible income options (pension drawdown) when you're ready to access your money.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

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Open a SIPP

Ready to open a SIPP? First, please tell us who will be paying into it...

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I'm paying in

If you will be the primary person paying in to the SIPP, you can open an account online now.

Open your SIPP
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My employer is paying

If your employer will be the primary payer to the SIPP, you can open an account using this form.

Employer SIPP form
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Someone else is paying

If a spouse, partner, friend or relative will be the primary payer to the SIPP, you can open an account using this form.

Third party SIPP form

If you have any questions please call us on 0800 368 1722.

Self-employed pension FAQs

How much should self-employed workers contribute to their pension?
What tax relief can the self employed claim on a pension?
Are self-employed workers entitled to the State Pension?

Young couple moving into a new house

My property is my pension

The differing levels of property wealth between the employed and self-employed goes some way to offsetting the low pension rates among the self-employed.

According to the Institute for Fiscal Studies, self-employed workers have higher levels of property wealth, particularly in properties other than the main home.

This belief is reflected in research that shows 18% of self-employed people own net property wealth over £500,000 versus only 10% of the employed2.

Source: 1Institute for Fiscal Studies, Private pensions for the self-employed: challenges and options for reform, September 2024.
2Property wealth: wealth in Great Britain, Office for National Statistics, January 2022.

Pension or property?

One of the attractions of property has been a steady rise in house prices since the turn of the millennium, making property a much more tangible investment than stocks. 

Over the long term however, stocks have generally performed better than house prices over a 30-year period.

It's important to note that the past performance of both the property market and the stock market is not a reliable indicator of what might happen in the future.
 

Source: Fidelity, Datastream, Nationwide.  Basis: GBP with income reinvested.
Based on the performance of the FTSE All-Share Index between 30 Sept 1994 - 30 Sept 2024 and does not take into account the impact of any ongoing fund charges or service fees. Fidelity has been licensed by FTSE International Limited to use the name FTSE All-Share Index.

Find out about our SIPP

Tax features of pensions and property

Pensions

  • Contributions to a pension are topped up by 20% by the government. If you pay tax at above the basic rate you may be able to claim further tax relief in your annual tax return*
  • Investments held within a pension don’t usually suffer income or capital gains tax (CGT) and don’t currently form part of your estate on death so are not subject to inheritance tax (although this is due to change on 6 April 2027)
  • You can normally take up to 25% of your savings as tax-free cash from age 55 onwards (57 from 2028). Any further income is taxable at your marginal rate of income tax

Property

  • Stamp Duty on additional properties is calculated at 5% more than the rate you pay for your main residence - up from 3% following the Budget on 30 October 2024
  • Capital Gains Tax is due on the sale of residential property that is not your home. However individuals do have an annual capital gains allowance they can use
  • Income from renting a property is usually taxable at your marginal rate of income tax potentially pushing you into a higher tax bracket

*Tax relief is only available on the lower of the annual allowance (currently £60,000) or 100% of your earnings in a given tax year (or to £3,600 if you have no earnings). If you exceed your annual allowance you may have a tax charge to pay unless you have unused allowance you can carry forward. If you have earnings of £200,000 or more, the amount you can pay in and receive tax relief on could be ' tapered' down to £10,000. Alternatively, if you’ve already taken taxable income from your pension pot, your annual allowance may be £10,000 (known as the money purchase annual allowance) and you will not be able to use carry forward to contribute to a SIPP.

For more information on tax relief and all the allowances please visit our pension allowances page.

Open SIPP

You will need:
 

  • Your National Insurance number
  • Debit card details (for a single payment)
  • Bank or building society details (if you’re planning on setting up a regular savings plan)
  • Your annual allowance (if you are over 55)

Existing customer

If you already have a Fidelity account, log in here to open your SIPP.

Log in and open your SIPP

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If you're new to Fidelity, you can open your account here.

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Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.

This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.

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