Uploaded March 2024 | Updated September 2026, 2 hours ago
Self-employed client Holli, and sole-trader Joanna discuss why they think it's important to make their own retirement provisions. Including what type of retirement savings account works for them and why.
Before you transfer, check for loss of benefits and guarantees. The HL Self-Invested Personal Pension (SIPP) and Lifetime ISA (LISA) are designed for people who are happy to make their own investment decisions. You can withdraw money free of charge from a LISA to buy an eligible first home, or from age 60. Other withdrawals will usually mean a 25% government charge, so you could get back less than you put in. Money in a pension is normally accessible from age 55 (rising to 57 in 2028). If you save into a LISA instead of a pension, you could miss out on employer contributions, and your entitlement to certain means-tested state benefits could be affected. This isn’t personal advice. If you’re not sure what’s right for you, please ask for advice.
Self-employed client Holli, and sole-trader Joanna discuss why they think it's important to make their own retirement provisions. Including what type of retirement savings account works for them and why.
Before you transfer, check for loss of benefits and guarantees. The HL Self-Invested Personal Pension (SIPP) and Lifetime ISA (LISA) are designed for people who are happy to make their own investment decisions. You can withdraw money free of charge from a LISA to buy an eligible first home, or from age 60. Other withdrawals will usually mean a 25% government charge, so you could get back less than you put in. Money in a pension is normally accessible from age 55 (rising to 57 in 2028). If you save into a LISA instead of a pension, you could miss out on employer contributions, and your entitlement to certain means-tested state benefits could be affected. This isn’t personal advice. If you’re not sure what’s right for you, please ask for advice.
