Are you young and passionate and have everything that you need to make money? If this is the case, then you probably don’t need to look at the contractor pensions as pensions are for old people who can’t really work the way you can.
If you believe in what has been said earlier, then you are on the wrong side of things. Contractor pensions will not only save you great deal of money now, but it will help you to retire at an early age. You will have lot of money when you retire and will not have to worry about many of tax obligations after retirements. There is so much else that contractor pensions have to offer.
When you are using contractor pensions to save money, you have to be aware that it will save you plenty of tax as well. Because government gives you tax relief on pensions, you can easily move your extra money to pensions. This way, you will get tax relief on 25% of your pension funds.
Similarly, if you have not bought an annuity, you will not have to worry about inheritance tax. As you may already know, your family has to pay tax after your death for anything that they inherit from you. With pensions and no annuity, your family can easily avoid the inheritance tax and save money that way. Also, your pension money will have higher value than other savings due to no inheritance taxes on that amount.
If you fear insolvency, then contractor pensions is the right way to go ahead. With pensions, there is no danger of insolvency because these funds are not subject to insolvency. Moreover, these funds are carefully protected by law.
Contractors will also save contractor tax when they are putting some of their money in pensions. The taxes on pensions are nominal which will not bother you at all.