Pension planning for the self-employed

Keeping track of your pension

Don't forget about your pension. As your earnings change you may want to adjust contributions. And the nearer you get to retirement the more you can pay in.

Take stock
When you get your annual pension statement take some time in assessing your pension needs to see if your pension is still suitable. The statement will include an illustration of your pension income in today's prices. To work out the retirement value of your pension, use the online calculator at the Financial Services Authority and Association of British Insurers website.

Get forecasts
Some pension providers are already offering combined pension forecasts, which give you an estimate of what you can expect to receive from your company scheme and the State including the basic State Pension. See the page in this guide on the basic State Pension.

If it looks like the fund won't meet your needs, you could increase your contributions or consider an additional scheme.

If you have lost track of a pension
If you think you may have an old pension but cannot find the details, you can search for an old pension scheme on the pensions regulator website.

If things go wrong?
If you have a problem with your pension that can't be sorted out by the provider, you can get help with pension problems at the Pensions Advisory Service website.

If you have a complaint about the way you have been sold a pension, you can contact the Financial Ombudsman Service (FOS). Find out how to complain or resolve a dispute with a financial organisation on the Financial Ombudsman website.

If your complaint relates to managing the fund once you have bought it, you can find out how to make a complaint on the Pensions Ombudsman website.

You can also take professional advice from an Independent Financial Adviser (IFA) or contact the Pensions Advisory Service Help Line on Tel 0845 601 2923.

Subjects covered in this guide

• Introduction
• Assessing your pension needs
• How a personal pension works
• The basic State Pension
• Stakeholder pension
• The difference between a stakeholder pension plan and a personal pension plan
• Other pension products
• Other tax-efficient savings
• Transferring your pension
• Keeping track of your pension

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