Chris is rightly wondering what to do about his pension. As a starting entrepreneur he should make arrangements as soon as possible.
Are you able to continue with the old scheme?
As a self-employed entrepreneur you do not participate in a pension scheme, with the exception of some professional groups who have their own joint pension scheme. If you do not make any provisions, you will only receive the state pension. Perhaps by then you will have your own egg nest, by selling your own business for a good price, for instance. But that is not something that you can rely on, especially in these economically uncertain times. It is worth it to make arrangements for your pension as soon as possible.
As a starting entrepreneur, you can decide to voluntarily continue the pension you had with your employer. This is possible for up to ten years if you start your own business. The premiums are tax-deductible only for the first three years, not the remaining seven years.
Voluntary continuation is subject to certain conditions, for example, the continuation must be directly linked to the permanent employment contract and the pension administrator must be willing to cooperate. And also, it is not possible to transfer the accrued benefits of your pension, and you cannot pay the money you have accrued for your pension into a pension scheme that you are taking out yourself.
Finally, as a self-employed entrepreneur, you are not allowed to use the pension accrued as an employee for your own business. So, for example, you cannot take out a loan for your business and use the accrued pension money as collateral. On the other hand, it will be difficult for creditors to seize your pension. So: you will not lose your pension if your business adventure fails.
The "old age"
Directors/major shareholders can accrue an old-age pension with a pension insurer or take out a (bank) annuity. Self-employed persons without personnel (ZZP) can only take out a (bank) annuity.