Parasol pension

A pension that works as hard as you do

For every £100 invested you pay just £52 and the tax man pays the rest
Very tax efficient providing 48% tax relief dependent on your tax payments
Provided by IFAs with over ten years experience of dealing with contractors

Allows payment holidays without penalties
If you leave Parasol it's easy to move the pension with you
No initial set-up fee – 100% of your contributions are invested

A Parasol pension isn’t just about putting money aside for a rainy day, it’s also about slashing your tax and NI bill almost in half! It’s definitely worth considering, even for a short-term contract, it’s also simple to set up, free to join and there’s absolutely no paperwork whatsoever.

The pension is funded as an employer contribution direct from your payroll which is exempt from income tax at 20% (basic rate) and 40% (higher rate taxpayer) as well as both the employers and employees national insurance deductions.

Complete Flexibility

Parasol’s pension scheme is designed around your contracting needs, so it gives you complete flexibility to take payment holidays when you need to without any penalties.

Should you leave Parasol at any stage, you have the freedom to stop the investments, continue funding the plan as a personal contribution or your new employer can make payments into the scheme.

Alternative pension investments

By far the most efficient method of you investing is via the salary sacrifice arrangement that we can put in place for you. Subject to you maintaining the minimum wage and covering your fees you can have virtually all other income transferred to the pension and this will dramatically reduce tax and NI payments.

In addition, you can invest further amounts personally up to the level of 100% of your remaining salary, although this investment will not qualify for the savings in National Insurance associated with the employer contribution.

About Parasol Money

Parasol Money is a dedicated company of Independent Financial advisers who
specialise in tailoring financial planning solutions to the needs of freelancers and contract workers.

Parasol Money administers the Group Personal Pension scheme for Parasol and offer personalised advice to Parasol Flexible Employees.

Please note that the information provided here is factual and does not take account of your personal circumstances. It does not constitute advice that you join the Plan; you are invited to read the literature and make up your own mind on the information provided.

Parasol Ltd has appointed Parasol Money, who are Independent Financial Advisers, to set up the Pension Plan and provide ongoing administration and consultancy. Parasol Money can answer your factual questions and are available as a source of impartial advice. If you are not certain whether this Plan is suitable for your circumstances, you should seek expert advice from them.

This website provides you with an overview of the Parasol Pension Plan but should you consider taking up the offer of membership a personal illustration and Key Features document (this is a document that outlines the key aspects of the contract) will be provided to you giving details of the estimated benefits of the plan.