Have you considered saving for your future whilst contracting?

By: Alex Askew | Posted: 23rd September 2010

As a contractor working on multiple job assignments whilst using an Umbrella Service, you may not have considered a specialist contractor pension yet.

If a pension is something you have not considered, you wouldn’t be the only one. Research has found that many people are not prepared for retirement and one of the reasons for this may be because we don’t see 65 as being old.

What is astonishing is that BUPA (the healthcare provider) recently discovered that 1 out of 5 people over the age of 65 have not made any financial provisions for retirement and an incredible two thirds relay on their relatives to care for them.

So if you haven’t yet considered a contractor pension yet read on.

Danbro’s Umbrella Company Pension Scheme

One of the benefits of joining the Danbro Umbrella Company is that you are eligible to join our Group Pension Scheme and can enjoy the lucrative tax breaks.

By not making use of the allowances available you will be paying substantial amounts of tax unnecessarily. Even if you have a pension already you won’t currently be benefitting from the saving in NI that the Danbro scheme offers.

Salary Sacrifice

Investing via the salary sacrifice agreement is arguably the most tax efficient investment option that is available to you. The scheme involves you taking as little as the minimum wage whilst covering your fees and all of your other income can be invested into a pension.

Whilst this level of investment may not always be sustainable over the whole of your working life, it can represent a significant boost to your eventual retirement fund whilst saving you tax and NI contributions on your income whilst contracting.

If you would like to speak to one of our specialist advisors about our Group Pension Scheme, call us free on 0800 731 3178
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Tags: job, two thirds, relatives, minimum wage, healthcare provider, substantial amounts, investment option, retirement fund, umbrella company