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This guide has been provided by Scottish Widows to Contractor Umbrella to explain our umbrella Group Personal Pension Plan. In issuing the guide, we are not providing advice on the suitability of this arrangement for your personal circumstances and are not advising you on whether or not you should join.

If you are unsure as to whether or not membership of this scheme is suitable for you, you should seek your own independent financial advice. In this document we will cover:

  • What we mean when we say
  • What’s in it for me?
  • What’s best for me?
  • Why contribute?
  • What are the charges?
  • How will my pension be invested?
  • Want to take a more hands-on approach to investing your company pension?
  • Changing your investment choice later on
  • Why your company has chosen Scottish Widows
  • How to contribute

Extract from the Group Personal Pension Scheme Guides:

Here are some of the reasons you might consider contributing to your company pension.

The Government will normally give you tax relief that helps increase the value of your plan. If the basic rate of tax is 20%*, for every £80 you pay into your plan each month, the Government will automatically top up your pension with an additional £20. If you are a higher or additional rate taxpayer, you may be able to claim additional tax relief via your annual tax return.

  • Your pension pot is a highly tax-efficient investment.
  • The sooner you start paying in, the longer your pension pot has the opportunity to grow.
  • If you leave your job, you can take your pension pot with you.
  • There are a number of options available for you to take your benefits (currently from age 55). When you decide, 25% can normally be withdrawn tax-free, the rest will be subject to income tax.
  • To help make your investment decision easier, we have designed some simple investment tools.

* If you are a Scottish taxpayer the tax relief you will be entitled to will be at the Scottish Rate of income tax, which may be different from the rest of the UK in the future.

To read more then please download your free guide below by clicking the button below.

Download Your FREE Pension Guide

Why Choose Contractor Umbrella?

Contractor Umbrella is the hassle-free, straight talking umbrella company that provides umbrella employment for UK based contractors and freelancers. Independently voted as the best umbrella company by the readers of Contractor UK.

As one of the most trusted umbrella companies in the UK, we guarantee our employees peace of mind, absolute compliance and complete security. We are one of the longest standing and most respected umbrella companies in the UK.

If you’d like to find out more, call us on 01206 591 000 or request a call back by completing our online form.

Benefits of working through Contractor Umbrella;

  • Fast and easy registration –  be ready to work in 24 hours, simply register online and we’ll take care of the rest.
  • Calculate your take home pay – use our online calculator to find out how much you could be taking home through Contractor Umbrella.
  • Same day payments – We offer same day payments as standard providing funds are received into our account by 9am, for no additional fee.
  • Our Service Guarantee – is our guarantee that you will be looked after at every step of the way.
  • Flexible Limited Company accountancy – when you sign up to our sister company Dolan Accountancy, you can transfer to Contractor Umbrella when umbrella employment better suits or your assignment sits inside IR35.
  • Employee Benefits at Contractor Umbrella there are many benefits available to you as our employee including Childcare Vouchers, our Employee Rewards Scheme, Group Pension Scheme, Foreign Currency Exchange, Contractor Accommodation, Contractor Mortgages and much more.
  • Expert Contractor Support Team – Every employee of Contractor Umbrella has access to our expert Contractor Support Team who are available to deal with any queries that you may have. You can get in touch with the Contractor Support Team, through the online chat, by email or by telephone.
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