Pension Planning Worksheet

State Pension forecast check, gap analysis and private pension contribution calculator.

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Pension Planning Worksheet

Most self-employed beauty workers have no workplace pension because there is no employer to set one up. That means it is entirely down to you. This worksheet helps you work out where you stand and what you need to do.

About You

Part 1: State Pension

The State Pension is based on your National Insurance record. You need 35 qualifying years for the full amount and at least 10 years for any State Pension at all.

Check your State Pension forecast at: gov.uk/check-state-pension

Important: If you earn below the Small Profits Threshold (currently £6,725/year), you may not be building up qualifying years automatically. You can pay voluntary Class 2 NI contributions to protect your State Pension. This costs around £3.50/week (2025-26 rate) and is one of the best value investments you can make.

Part 2: Your Existing Private Pensions

List any private or workplace pensions you already have, including from previous employed jobs.

Total estimated private pension value: £______

Total current monthly contributions: £______

If you have lost track of old workplace pensions, use the free Pension Tracing Service at gov.uk/find-pension-contact-details

Part 3: Gap Analysis

This section helps you understand how much income you will need in retirement and where it will come from.

Your gap:

To generate £19,300/year (the gap between full State Pension and the "moderate" standard), you would need a private pension pot of roughly £386,000 - £483,000, depending on the annuity rate when you retire. This is a rough guide only.

Part 4: Contribution Calculator

Use this section to work out what you need to save each month. These are rough figures to give you a starting point - not financial advice.

Tax relief makes your money go further:

When you pay into a pension, the government adds tax relief automatically.

• You pay £80, the government tops it up to £100 (basic rate taxpayer - 20% relief).
• You pay £60, the government tops it up to £100 (higher rate taxpayer - 40% relief).

So a £100/month contribution only costs you £80 out of pocket if you are a basic rate taxpayer.

Part 5: Provider Comparison

These are some of the most commonly used pension providers for self-employed people. This is not a recommendation - just a starting point for your own research.

Lifetime ISA (LISA) option: If you are under 40, you can open a Lifetime ISA and save up to £4,000/year. The government adds a 25% bonus (up to £1,000/year). You can use it from age 60. This can work alongside or instead of a pension for some people.

Your Action Plan

How to use this template

• Start by checking your State Pension forecast at gov.uk/check-state-pension. This takes 5 minutes and tells you exactly where you stand.
• Then work through Parts 2-4 to understand your gap and what you need to save.
• Even £25/month is better than nothing. If you start at 30 and contribute £50/month with tax relief and modest growth, you could have around £35,000-£50,000 by 67. That is not life-changing, but it is a real difference.
• Review this worksheet once a year, ideally when you do your self-assessment tax return.
• This is not financial advice. If you have a complex situation (e.g. high earnings, multiple pensions, divorce settlement), consider speaking to a regulated financial adviser. You can find one at unbiased.co.uk.