How your work can shape the pension questions
Farm income can vary by season and year, and much of a farmer’s wealth may be tied up in land, buildings or stock. Those assets do not automatically provide a liquid retirement income, and succession decisions should not be treated as a substitute for pension planning.
Pension benefits and arrangements to identify
A sole trader may consider a PRSA or RAC, subject to relevant earnings and personal tax-relief limits. An incorporated farming business may have employer-funding questions. Existing pensions from earlier employment should be included, as should the timing and uncertainty of farm succession or leasing income.
| Decision area | What to establish |
|---|---|
| Cash flow | What contribution is affordable after tax, working capital and farm investment? |
| Contribution timing | Would flexible or year-end contributions suit variable profits? |
| Succession | What retirement income is needed independently of the farm transfer? |
| Investment risk | Is the pension diversified away from risks already concentrated in the farm? |
Documents to gather before a review
A useful review starts with evidence, not assumptions.
- Recent farm accounts and tax information.
- All existing pension and former-employer statements.
- Expected succession, sale or leasing timetable.
- Household retirement spending and debt commitments.
How an advisor can help
An advisor can model sustainable contributions, compare PRSA and RAC features, diversify retirement assets and coordinate pension income with a succession timetable. Legal, tax and agricultural advice may be required for transferring or restructuring the farm.
What the review should produce
Ask for a clear record of the pensions included, benefits that could be lost, all product and advice charges, the assumptions used, the recommended contribution or retirement strategy and the next review date. A personal recommendation should follow a full fact-find and suitability assessment.
Last reviewed: 21 September 2026. Rules depend on your circumstances.
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