If you've not arranged for contractor pensions already, you have wasted allowances available for investment. In the post IR35 world, contractor pensions are great stories. The contractors can direct the funds from company account to their annuities account directly while not having to do anything more. You'll be in a position to set-up your annuity funds easily if you're working through an umbrella company.
When you wish to setup annuity fund, you have got to look at different options. You'll usually find some schemes with the umbrella company. If you do not like those schemes, you can search for schemes outside umbrella company. When attempting to find such schemes, makes sure that you are having a look at personal annuities as well as executive contractor pensions.
The personal contractor pensions, also known as stakeholder annuities, are ordinarily available. Everybody can fund these annuities including children and non-working better half. Nonetheless the contractors already funding executive pensions will not be able to fund these annuity accounts. The contractors usually working thru limited company will use executive annuities rather than private contractor pensions.
Executive allowances are good for contractors with little companies and other enterprises. Such contractors can contribute funds to executive pensions. But such contractors may not be able to contribute to the other contractor pensions.
Aside from picking the right type of allowance fund, the contractors also have to find the right supplier. When it comes to finding the best suppliers, you can look at rankings and reviews. Generally, these 2 things will do that job. If you want to make it even less complicated, you can simply find a top umbrella company and use the allowance schemes offered by the umbrella company. With an umbrella company, you won't also have to worry about contractor tax or contractor calculator. These companies will take care of everything for you.
Greg Dickson is the head of marketing for the Bedouin Group, one of the leading suppliers of umbrella company solutions for contractors and consultants. Bedouin Money also provides contractor mortgages, contractor payroll,
contractor calculator and contractor pensions.