4 myths about contractor pensions debunked
Pensions
4 myths about contractor pensions debunked

We know what you’re thinking: “What is a contractor pension? Is it different to a normal pension?”. As a contractor, we don’t want you feeling alone when it comes to personal pensions with no HR department to rely on.

Here are some handy facts to ease your concerns and could help you find the most tax-efficient ways to save your money and maximise your earning potential.

 

Contractor pensions: setting the record straight

Myth 1: “The returns aren’t worth the hassle of setting up or changing provider…”

Answer: ❌ NOT TRUE – THEY’RE COMPLETELY WORTH IT!

Pension experts exclusively for contractors can find the best rates for your style of earning. What’s more, you may be able to benefit from personal tax and corporation tax relief so you get the ball rolling with larger pockets of cash and keep it growing faster.

 

Myth 2: “I’ve already got several pension pots, I don’t need another one…”

Answer: ❌ IT’S NOT WHAT YOU THINK!

This can be the pot of pots. We can find the right partner who can review and consolidate your existing pots into one easy-to-manage pot. ?See your options for consolidation here.

With the right expert to guide you to the right products, you could be cutting management fees and getting your savings to work harder for you.

 

Myth 3: “I don’t have time to look into the best option… “

Answer: ❌ TAKE AS MUCH TIME AS YOU NEED!

You have more time than you think – because you don’t have to do much at all! There is access to a panel of experts who know contractors inside-out.

They do the groundwork to match you with specialist pension advisors who will tailor a tax-efficient plan to your exact needs.

 

Myth 4: “There are lots of high street brokers who do the same… “

Answer: ❌ NOT EXACTLY!

Most pension plans are designed for PAYE-earners and take contributions out of your income after tax – but that’s not you.

Because you’re different, there could be better ways to save you money and invest for the future. We source specialist brokers who can find exactly the right product for you. ?

 

How does Contractor Honeypot help me with my pension?

We work with you to find the perfect advisor for your needs. If there’s something you need, we’ll make sure you get it. We’re 100% behind contractors, fighting your corner. We’ll share tips and tricks on how to get ahead in contracting, saving you money and time in the process. Click here to find out how to start a new contractor pension.

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