Self-employed? How to set yourself up with the same benefits as employees
Being your own boss comes with many perks, but the significant downside is that self-employed workers don't have access to the valuable package of benefits that come with being an employee.
Staff benefits can include a workplace pension, as well as life insurance, income protection and private medical cover, as well as smaller perks that give you access to wellness packages and discounts for gyms and even groceries.
Going solo means you'll either have to miss out on these or foot the bill yourself.
However, there are ways you can plug the gap. Here's what sole traders should be doing to access the work benefits they need – without breaking the bank.
This guide covers:
Pensions
Life cover
Private medical cover
Wellbeing
Savings buffer and income protection
Perks of an accountant
Pensions
The self-employed have a reputation for lacking in pension provision. Almost 40pc of self-employed people don't pay into a scheme, according to Interactive Investor. Worse still, 38pc have no pension savings at all, rising to 50pc among under 35s.
Ian Cook, an adviser from Quilter Cheviot, said: 'Pensions are complicated and so the easy thing to do is ignore them. But it's important to take control of your own future and start contributing to a pension.'
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