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Contractor Pension Calculator - Results

Calculations for Outside IR35. Change to inside IR35

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  • The tax man will fund up to 26% of a pension for you!
  • Your current monthly net pay is £2,539, and taxes are £648.
  • You can tax efficiently contribute up to £29,798 per year.
  • Using previous years allowances could allow you to invest up to £200,000.
  • For each £100 contributed, your take home pay only reduces by £73. The tax man pays the rest!
A tailored example for you
  • You contribute £1,000 per month for 35 years until retirement.
  • Your monthly take home pay will only reduce by £739.
  • If you retire aged 65 your total contributions will have been £420,000, costing you only £310,432 due to the tax reliefs available on contributions.
  • Assuming a 5% annual return on your investment, your pension pot will have grown to £1,138,035. You can withdraw a 25% tax free lump sum of £284,508. In effect you receive back 92% of the take home pay invested and have the remaining £853,526 invested to produce a future income stream.
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Broadbench is a contractor specialist who will offer you an initial meeting to assess your situation and needs. They will then refer you to the correct Pension Adviser given your contracting status of either inside or outside of IR35.