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Entrepreneurs Panel

Tony Caldeira
Brian Hay
Julie Meyer
Michael Oliver
Debbie Pierce
Laura Tenison
Jennie Johnson
Charlie Mullins
Richard O'Sullivan
Steve Purdham
David Pollock
Jeremy Roberts

Pension planning?

David Pollock

Set up Chess in 1993 to take advantage of the deregulation of the utilities market by re selling water, gas and electricity. In 1996 the business began to specialise in telecoms – reselling telecoms services to businesses throughout the UK - and since his first acquisition in 2004 has completed at least 24 more (many of which involved purchases of client bases and assets rather than entire businesses). Highly-focused on his staff, Pollock places the Chess “culture” at the heart of his ambitious expansion plans.


I am 45 years old and have been my own boss since leaving school, building up a £5 million-turnover logistics business that rents its premises. So far I've done very little about my pension – just putting away five or six per cent of the (relatively modest) salary I pay myself into the staff money purchase scheme. What do you think I should do?


The first thing you should do is buy your building in your pension [usually done using a SIPP -ed] That way, the rent you pay will help significantly build your pension fund up.

Hopefully you are running a profitable logistics business. If you are, start pushing some of your profit into your pension. This is your prime time for growing it so make sure you are making the most of the opportunity.

You should also review all your business costs. Are you running as tight a ship as you could be? Look at your utilities costs and who you are buying them from. Who's doing your telecoms?! [nice try David -ed] More often than not, switching to another supplier will save you money that you can pay into your pension to ensure you enjoy your retirement.

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