Self-employed and not paying into a pension?
Why choose our pension?
Our Personal Pension is a great option if you're self-employed. It's a flexible and tax-efficient way to save for your long term future.
We'll claim tax relief from HMRC and add it to your pension. This works out as 25% of your contribution. So if you save £200 a month, it's topped up with £50. A lump sum of £2,000 would get an extra £500.
You can pay money into your personal 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.
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.
Ready to open your self-employed pension?
Opening an account takes a few minutes, and you can start with a lump sum of £100.
If you're not sure if a pension is right for you, it's a good idea to speak to a financial adviser. You can find one through Unbiased.
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Frequently asked questions about self-employed pensions
Find out more about private pension savings and our Personal Pension with our frequently asked questions.
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 April 2028) to access your savings and you’re comfortable making your own decisions, a personal pension might work for you.
It may be 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 April 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
You can usually pay up to £60,000 per year into your pensions, or up to 100% of your earnings, whichever is lower, without incurring a tax charge. This is called your Annual Allowance. This will depend on your total annual income, or whether you've started accessing your pension through flexible income. You can't pay into your pension from your company business account.
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
Our Personal Pension is set up for you to contribute into. Someone else can usually contribute to your pension though, as long as the total contributions into your pension remain below the annual allowance. Tax relief and the amount that they can contribute are based on their circumstances. Again, you can't pay into your pension from your company business account.
Yes, we accept transfers into a L&G Personal Pension. 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.
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 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.
If you’re self-employed, you’ll be eligible for the State Pension as long as you’ve had at least 10 qualifying years of National Insurance (NI). To get the full State Pension you'll need to have had at least 35 years.
The maximum State Pension is £241.30 per week (tax year 2026/27). That’s £12,547 a year, which might not cover all your living expenses.
For comparision, Pensions UK has developed three ‘retirement living standards’ to show the amounts you’d need for a minimum, moderate and comfortable standard of living in retirement. Each of these standards is based on the annual cost of various goods and services such as food, household repairs, transport and holidays. You may need to add other costs depending on your circumstances, such as mortgage, rent and social care. You'll also need to add on a bit more if you're living in London.
| Single-person household | Two-person household | |
| Minimum | £13,900 a year | £22,500 a year |
| Moderate | £32,700 a year | £45,400 a year |
| Comfortable | £45,400 a year | £62,700 a year |
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?’.
Yes, you can transfer your pension to another company. Please speak to your new pension provider so you can follow their process.
If you’re self-employed through a Limited Company or Partnership, we can’t accept contributions directly from your company.
Information and support for the self-employed
Should I be saving into a pension?
Understand more about saving into a workplace or personal pension with our guide.
How much should I put into my pension?
How much should you be paying into your pension? We help you decide how much to contribute to your pension each month and what to pay by age.
Life insurance for the self-employed
For the self-employed, insurance policies that protect your loved ones if you were to die – such as life insurance – are important to consider.