Can I make contributions to a Legal and General Personal Pension directly through my company?

If you’re self-employed through a Limited Company or Partnership, we can’t accept contributions directly from your company.

Do I get a State Pension if I’m self-employed?

If you’re self-employed, you’ll be eligible for the State Pension as long as you’ve paid at least ten years of National Insurance (NI) contributions. To get the full State Pension you'll need to have paid NI contributions for at least 35 years. The maximum State Pension is £203.85 per week (tax year 2023/24). That’s £10,600.20 a year, which might not cover all your living expenses. For comparison, a recent survey by Which found that retired households with two people spend just under £2,340 a month / around £28,000 a year on average.

Is our Personal Pension right for you?

A pension is a good way of building up a pot of money to live on when you may no longer work. If you can wait until you’re at least 55 (rising to 57 from 2028) to access your savings and you’re comfortable making your own decisions, a personal pension might work for you. It may cheaper for you to pay into an existing pension, if you have one. If you want the option to withdraw your money before you’re 55 (rising to 57 from 2028), an ISA may be a better option. Our Personal Pension may be right for you if: You are self-employed. You need flexibility. You are looking to consolidate your pension pot. You are happy to choose from a small range of funds based on your attitude to risk or a default investment option if you don't want to select your investments. Our Personal Pension may not be right for you if: You already have an existing pension, which satisfies your retirement goals. You have a limited company and want to contribute from your business. You are looking to invest in multiple funds or a wide choice of investment funds, specific equities or property funds.

How much can I save into a personal pension?

Most people can pay up to £60,000 per year in pensions without incurring a tax charge. This is called your Annual Allowance. This rule depends on your total annual income. You can find out more about the tax rules for pensions here .

Do I have to pay in money regularly?

It’s important to save for retirement, so whilst you don't have to regularly pay money into your Personal Pension, it's a good idea to do so. With our Personal Pension you can: Set up regular payments Pay in one-off lump sums Start, stop or amend your regular payments to suit your needs.

Can anyone contribute on my behalf?

Our Personal Pension is set up for you to contribute into. Providing the contribution remains below the annual allowance, a third party can also contribute to your pension. Find out more about the different types of pensions

Can I transfer other pensions into my Legal & General Personal Pension?

Yes, we accept transfers into a Legal & General Personal Pension. We can also help you trace any old pensions that you need to find. When you transfer your pension, the current provider will sell your investments and send us the proceeds, which we will invest in your chosen fund with us. We cannot take control of your existing investments. Your current pension provider may apply exit penalties if you close your pension pot. You could also forfeit some other benefits or guarantees if you decide to transfer, so it’s best to check the terms of your existing pension first. There are also some types of pension we can't consolidate, such as 'final salary' plans, With Profits plans and those with Guaranteed Annuity Rates or Guaranteed Minimum Benefits. If you're unsure if a pension is right for you, get in touch with a financial adviser or find one through Unbiased .

What can I invest in through my Personal Pension?

We offer a range of ready-made funds spanning five different risk profiles. All you need to do is select the level of risk you’re willing to take and we do the rest, spreading the money you’ve chosen to invest in the fund across different investments. These can include a combination of markets, industries and asset types. This means you can confidently make your own decisions without having to worry about the underlying investments yourself. If you do not want to make your own investment choice, we provide a default investment option. This option automatically changes investment funds over time, as you get closer to your selected retirement date. You can find the relevant investment information on our site and in each fund’s factsheet or Key Investor Information document.

Can I cancel my pension?

You have the right to change your mind within 30 days of your pension being set up. This cancellation date will be shown in your welcome email. To cancel, please log in to your online account and send us a secure message. You’ll get your money back and won’t have to pay any charges. However, the amount you get back may be less than you invested if the value of the fund has decreased. If you don’t cancel within 30 days, you can still stop paying money in. Your current savings will remain invested and charges will apply. To find out more about opting out of your pension, read our article ‘ Can I opt out of my pension? ’.

Can I transfer my Legal & General Personal Pension to another provider?

Yes, you can transfer your pension to another company. Please speak to your new pension provider so you can follow their process.

Can I get a private pension if I'm self-employed?

Why choose our pension?

Our Personal Pension is a great option for self-employed. It's a flexible and tax efficient way to save for your long term future.

We automatically add the government top-up to the money you pay in. This works out as 25% of your contribution. For example, if you save £200 a month, it's topped up with £50. And a lump sum of £2,000 would get an extra £500.

You can pay money into the pension from 18 until you're 75 and start enjoying your savings from as early as 55 (rising to age 57 from April 2028).

Tax rules may change in the future.

Pension tax benefits

Sounds good. What's the risk?

Our Personal Pension invests in stocks and shares, which means the value of your investment will go up and down. It isn’t guaranteed, so you may get back less than you put in.

Please read the Personal Pension Key Features and Terms and Conditions before applying.

Recent feedback

'Flexible, easy and approachable. Strong choice of products with varying risk levels which suits the pension fund investor's risk appetite.'

Nilesh

'Easy to use, straightforward, I had my pension scheme set up in a few minutes!'

Severine

'Being self-employed meant I delayed thinking about a pension for quite a while... Legal & General stood out for professionalism.'

Jenny

Are you looking to consolidate your pensions?

Looking for a low-cost way to bring all your pensions together into one pot?

Transfer and consolidate today

Self-employed and not currently paying into a pension?

As someone who is self-employed, you're missing out on the extra money the government adds to your pension contributions.

Why choose our pension?

Our Personal Pension is a great option for self-employed. It's a flexible and tax efficient way to save for your long term future.

Sounds good. What's the risk?

Recent feedback

'Flexible, easy and approachable. Strong choice of products with varying risk levels which suits the pension fund investor's risk appetite.'

Nilesh

'Easy to use, straightforward, I had my pension scheme set up in a few minutes!'

Severine

'Being self-employed meant I delayed thinking about a pension for quite a while... Legal & General stood out for professionalism.'

Jenny

Are you looking to consolidate your pensions?

Frequently Asked Questions on Self-employed Pensions

Find out more about private pension savings and our Personal Pension with our frequently asked questions.

Can I make contributions to a Legal and General Personal Pension directly through my company?

Do I get a State Pension if I’m self-employed?

Is our Personal Pension right for you?

How much can I save into a personal pension?

Do I have to pay in money regularly?

Can anyone contribute on my behalf?

Can I transfer other pensions into my Legal & General Personal Pension?

What can I invest in through my Personal Pension?

Can I cancel my pension?

Can I transfer my Legal & General Personal Pension to another provider?

Self-employed and not currently paying into a pension?

As someone who is self-employed, you're missing out on the extra money the government adds to your pension contributions.

Easy to set up and manage

Transparent, simple to understand costs

Forecasting your earnings isn't easy

Trust us to look after your money

Simple Fund Choice

Default Investment Option

'Flexible, easy and approachable. Strong choice of products with varying risk levels which suits the pension fund investor's risk appetite.'

Nilesh

'Easy to use, straightforward, I had my pension scheme set up in a few minutes!'

Severine

'Being self-employed meant I delayed thinking about a pension for quite a while... Legal & General stood out for professionalism.'

Jenny

Are you looking to consolidate your pensions?

Can I make contributions to a Legal and General Personal Pension directly through my company?

Do I get a State Pension if I’m self-employed?

Is our Personal Pension right for you?

How much can I save into a personal pension?

Do I have to pay in money regularly?

Can anyone contribute on my behalf?

Can I transfer other pensions into my Legal & General Personal Pension?

What can I invest in through my Personal Pension?

Can I cancel my pension?

Can I transfer my Legal & General Personal Pension to another provider?

Managing your finances when you're self-employed

Should I be saving into a pension?

Life insurance for the self-employed