Contractor Pension schemes

always_sunny

are there pension schemes for contractors?
Do they have tax relief like employer pension schemes?

Thank you

Linton

Contractors can put money into SIPPs or Private Pensions. The tax rules are the same as for employment although the implementation may be different as some company schemes pay pension from pre-tax gross income whereas personal payments will always come from net income with basic rate tax being refunded into the pension. If the contractor works through a personal company it may be beneficial for the company to pay the pension rather than the individual.

always_sunny

Thank you - are SIPPs also from the net income and I guess tax being refunded after?

Linton

Net payments into SIPPs have basic rate tax refunded into the SIPP.