Self-Employed pension options

The three main types and muddied waters.
Many workers find self-employment to be a liberating change of pace from the grind of working for someone else. There are a great number of challenges involved with being your own boss, however, one of them being pensions. 

Wealth Knowledge, September 2021

Stamp duty land tax holiday fuelled equity release spike
Homeowners released £1.17 billion of property wealth between April and June 2021, said the Equity Release Council (ERC). 
Tax savings on offer from the stamp duty holiday are thought to have spurred on over-55s to help their children get onto the property ladder. 

Wealth Knowledge, August 2021

Lower stamp duty land tax threshold in place until October
The stamp duty land tax-free threshold in England and Northern Ireland reduced last month, as the tax holiday introduced in July 2020 began to be phased out. 

Wealth Knowledge, July 2021

Home movers fuel spike in mortgage borrowing as prices rise
A record proportion of mortgage borrowing in the first three months of the year was fuelled by home movers as the ‘race for space’ hotted up. 
The Financial Conduct Authority said this group accounted for 42% of total mortgage lending – the highest proportion since records began in 2007. 

The Lifetime Allowance

How might the big freeze affect you?
Most people get nowhere near breaching the pensions lifetime allowance, but that’s likely to change over the next five years. 
The lifetime allowance is currently £1,073,100. This is a limit on the amount of pension benefits you can withdraw from all of your pension schemes – whether as lump sums or retirement income – without triggering an extra tax charge of up to 55%.