Pensions for the self-employed

Life after work - getting retirement ready

You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder. You cannot access your pension benefits before the age of 55. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply. When transferring any existing pensions, exit fees may apply.

Be the boss of your future

Being self-employed offers the opportunity to be your own boss, take control of what work you do and manage your schedule around you. But thinking about life after work can create another spinning plate you have to manage. Especially as you don’t have an employer making pension contributions on your behalf.

Why have a personal pension?

We know retirement planning probably isn’t the most exciting task to think about, but we want to help you understand the benefits it could have on your future. By not having the right retirement plan or pension, you might be left struggling once you've hung up your work boots.

  • At the moment the UK state pension is rising to £221.17 a week in April 2024.
  • But the age you could claim this is expected to rise to 67 by 2028.
  • This could leave you falling short of a comfortable retirement one day. But a personal pension could help bolster your savings.


Information Message

What's a personal pension?

  • A personal pension is the most tax-efficient way of saving for your retirement.
  • When you contribute to your pension, you should be entitled to an uplift on your contribution for basic rate income tax. For example, a payment of £100 into your personal pension should increase to £125 (limits apply).

If you pay income tax at a higher rate than the basic rate, you may also be entitled to further tax relief via your self-assessment personal tax return.

Flexible contributions

You could set up monthly instalments or regular lump sums so your payments fit around your income.

Investment growth

Your money is invested, creating a better opportunity for it to grow over the long term. 

Pension consolidation

If you’ve accumulated a number of pensions throughout your career, you could bring them all together so you can easily monitor how much money you have towards your future. 

Why choose NatWest Invest?

Low fees

We’ve kept our fees low so you keep more of your money. You could get started with just £50. 

24/7 online access

You’ll always have transparency over your money. Keep track, add more money, and set up or change monthly payments whenever you like – within NatWest Invest, accessible via the mobile app and Online Banking.  

Five ready-made funds

Choose the fund that suits your retirement goals and risk preference.

Expertly managed

Your money is looked after by a team of experienced investment managers at Coutts.

Getting started

Our personal pension is easy to set up. Here's what you need to do to get started:

1. Select the amount

Once you’ve applied for your personal pension, choose how much you want to pay in. This could be a set monthly amount or a lump sum.

2. Choose your risk level

Choose from our five ready-made funds that best match your retirement goals and investment style. You can also see how your investment could perform over time. 

3. Transfer your existing pension(s)

If you have any existing pensions, you could transfer them as well by providing your pension reference numbers. That way you can have your pensions pots and finances in one place. Your existing provider might charge fees for the transfer. 

Ready to start your pension journey?

Your top questions answered