The importance of pensions for self-employed individuals, such as freelancers and independent consultants, is paramount. Unlike traditional employees, they don't have access to workplace pension schemes and must take the initiative to secure their financial future. This calls for proactive steps in setting up and managing personal pensions.
To support our community of freelancers, we are excited to announce a partnership with iSIPP - a platform specialising in personal pensions. This collaboration aims to empower freelancers with the tools and resources they need to effectively plan their retirement.
How does it work?
iSIPP offers valuable solutions and tools for independent talent. Freelancers can enjoy flexibility and control over their pension plans, which is essential due to the frequently fluctuating nature of their work. The ability to adjust contributions based on earning patterns and track pension growth through 24/7 online access are significant benefits offered by iSIPP. Moreover, self-employed individuals can benefit from the same tax relief as full-time employees - a critical factor in enhancing their pension pots.
Freelancers can use iSIPP’s pension calculator to estimate their potential investment value based on their current age, transfer value and intended retirement age to help plan their contributions accordingly. This is especially helpful for freelancers who lack a clear understanding of how to efficiently plan for retirement.
A critical aspect of pension planning for the self-employed is understanding the different options available. There are three main schemes to consider, each with its own set of rules and fees:
- Personal Pensions
- Self-Invested Personal Pensions (SIPP)
- Stakeholder Pensions.
You should research thoroughly to help you make a decision on what pension is right for you. With iSIPP, you will have the flexibility to consolidate existing pensions into a single account, making management more straightforward and cost-effective.
A Self-Invested Personal Pension (SIPP) provides an attractive route for freelancers looking for a bespoke approach. It offers enhanced control and flexibility, allowing individuals to select and manage their pension investments according to their preferences and financial goals. SIPP also comes with the advantage of low fees and easy online management, further simplifying the process for self-employed professionals.
iSIPP & Malt partnership
With iSIPP's expertise and innovative platform, Malt community members can look forward to a more secure financial future, using personalised pension plans catered to freelancers' unique needs. As a Malt freelancer, you can benefit from 50% off iSIPP’s first year administration fee as a special offer.
To find out more information and how you can benefit from our customised offer, follow this link.
Demystifying the world of pensions
To kick start our partnership we recently were able to host our first webinar with iSIPP where we explored the world of pensions with industry expert and Managing Director at iSIPP, Hrishi Kulkarni.
If you missed the session, you can now watch the reply to gain a deeper understanding of how pensions work, the benefits involved, and tips for making the most of your savings.
