As an employee of ContractorUmbrella, you will have access to our employer Pension scheme, operated through Scottish Widows. This scheme is designed to provide you with a low cost, flexible plan to reflect and adapt to the terms of the contracts you accept and ensure that you can continue to fund for your retirement whilst maximising your tax benefits.
Contractor Pension Guide
By redirecting some of the value of your earnings into this scheme, you will not only save income tax at your highest marginal rate but also benefit from avoiding any employee or employers national insurance on the payment as the scheme is employer funded. Overall this makes for a very tax efficient scheme.
For every £100 you contribute, it could cost you as little as £56.20 or £46.20 for basic and higher rate tax payer respectively.*
ContractorUmbrella has enlisted the help of Independent Financial Advisors; Infinite Wealth Management Ltd to provide our members with tailored financial planning solutions that reflect the unique manner in which you work. Infinite Wealth Management are committed to ensuring that the benefits available to you and the costs incurred in accessing those benefits are kept to a minimum, without a drop in service provided or the benefits on offer.
The Scottish Widows scheme offers you as individuals the following:
- as little or as much information as you need to help you understand this benefit and the importance of it
- a wide choice of investment funds, including internal and external fund links
- the ability to choose an investment strategy to suit your own attitude to risk
- the chance to pay higher or lower contributions as your circumstances change
- a joining pack telling you all you need to know about your new pension plan
- online access to your plan information, including current values and future projections, and other support and information material
- a customer helpdesk, mailbox and website to provide help when you need it
Due to the highly tax efficient nature of funding into this scheme, combined with the extremely low costs on an ongoing basis, you might wish to consider transferring existing benefits or redirecting existing contributions to this scheme.
For further details and a personalised illustration please complete the 'pension finder' below and Infinite Wealth Management Ltd will be happy to help. Alternatively you can speak to our dedicated contact Adrian Watts or Stuart Brown on 0333 800 8640.
*The basic rate figure is based on someone earning £35,000pa and the higher rate tax payer figure is based on earnings of £65,000 pa. Both with a personal tax allowance of £7,475pa and calculated using our understanding of the current tax rates and legislation.