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If you are self-employed, it is especially important that you think carefully about how to provide for your retirement.

You're not included in the additional State Pension scheme (now State Second Pension, previously SERPS) and you have no employer to provide you with an occupational scheme. If you want more than the basic State Pension, you will need to join a personal pension scheme.

Where do I start?

You might want to consider a stakeholder pension because by law, stakeholder pensions must meet a number of minimum standards to make sure they offer flexibility and security.

There are many personal pensions available, but you need to get all the facts first. For example, you should ask what would happen if you couldn't keep up payments and if it would be better to pay in lump sums and less often.

How do I pay into my pension?

You will pay your pension contributions directly to your pension provider. You usually agree to make regular payments, normally once a month, over an agreed period of time.

Stakeholder pensions allow you to change the amount you are paying in or pay in lump sums without an extra charge. Other personal schemes may also let you do this, but you should check to see if there are any charges for doing so.

More about pensions for the self-employed…

You can read, print or order a copy of Pensions for the self-employed - Your guide from our resource centre.

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