Self-Employed Pensions
Built for contractors, freelancers, and small business owners. Flexible contributions, 25% government tax relief, and zero fixed monthly penalties.
Pensions designed around fluctuating income
When you run your own business, cash flow varies month to month. Without auto-enrolment from an employer, planning your own retirement falls solely on you. Our Self-Employed Pension lets you pay in lump sums when business is strong, pause payments during lean months, and claim lucrative government tax relief.
Government Tax Relief
25% Top-Up
Every £80 you deposit is automatically topped up with £20 from HMRC.
Contribution Freedom
No Fixed Commitments
Pay via direct debit or one-off bank transfers from £25 anytime without lock-ins.
Limited Company Benefit
Corporation Tax Relief
Company director contributions count as allowable business expenses.
How Pension Tax Relief Boosts Your Savings
Even if you don’t pay income tax, you can contribute up to £2,880 each tax year and HMRC will automatically top it up to £3,600. Higher-rate and additional-rate taxpayers can claim back even more via self-assessment.
You pay £800
+ £200 HMRC Top-Up
Effective cost £600
+ £400 total relief
Gross Contribution
Offset Corporation Tax
How much will you need in retirement?
Based on independent benchmarks from the Pensions and Lifetime Savings Association (PLSA):
Minimum
Single Person
£14,400 / yr
Couples
£22,400 / yr
Covers all basic essentials, modest social activities, and one UK break each year.
Moderate
BenchmarkSingle Person
£31,300 / yr
Couples
£43,100 / yr
More financial security, a 2-week European holiday, and frequent meals out with family.
Comfortable
Single Person
£43,100 / yr
Couples
£59,000 / yr
Full financial freedom, luxury travel, regular theatre trips, and regular home updates.
Pause or change payments anytime
Seasonal business? No problem. You can adjust your direct debit or stop it completely inside our mobile app with zero penalty fees.
Combine old workplace pensions
If you had employment pensions before becoming self-employed, roll them into your Paramount Retirement Account for free.
25% tax-free lump sum at age 55+
When you reach retirement age (currently age 55, rising to 57 in 2028), you can withdraw up to 25% of your pension completely tax-free.
Inheritance & family security
Pensions usually sit outside your estate for Inheritance Tax purposes and can be passed on to your beneficiaries tax-efficiently.
Important Pension Information:
A pension is a long-term investment. The fund value may fluctuate and can go down as well as up. You cannot normally access your money until age 55 (57 from 2028). Tax rules can change and benefits depend on your personal financial circumstances.
Start saving for your retirement today
Open a flexible self-employed pension online with Paramount Bank in just a few minutes.