Saving for Retirement: workplace or private pension - a simple guide for vets

Planning for retirement can feel overwhelming, especially with the busy and often unpredictable nature of veterinary work. Whether you’re employed, locuming, or running your own practice, there are several ways you can build a strong financial future. Here’s an easy‑read guide to the main options available.

Workplace Pensions (Auto‑Enrolment)

If you’re employed by a practice or corporate group, you’ll most likely have access to a workplace pension.

How it works

• Employers must pay at least 3% of your qualifying earnings into your pension.
• The total minimum contribution (including yours + employer + tax relief) is 8%.
• You’re automatically enrolled if:
• You’re over 22
• Under State Pension age
• Earn over £10,000 per year

Why workplace pensions are valuable

• Tax relief is automatic — meaning the government tops up your contributions.
• Most practices invest your pension into a default fund, but you can choose alternatives such as ethical or higher‑risk options.
• Some vet employers offer enhanced or matching contributions above the legal minimum.
• You can increase your contributions anytime, making this one of the most tax‑efficient ways to save.

Good for: Employed vets, RVNs, and anyone in a stable, salaried role.

Private Pensions (Personal Pensions & SIPPs)

Great if you’re self‑employed, locuming, or want more control over your investments.

Personal Pensions (Standard or Stakeholder)

• Open to anyone, with flexible contributions.
• Basic-rate tax relief (20%) is added automatically.
• Higher and additional rate taxpayers can claim extra relief through self‑assessment.
• A good fit for vets with variable or seasonal income.

SIPP (Self‑Invested Personal Pension)

• Designed for people who want more control over how their pension is invested.
• You can invest in:
• Shares
• ETFs
• Bonds
• Commercial property (with strict rules)
• More flexibility = more responsibility. You need comfort with risk and investment decisions.
• Popular with practice owners who may use a SIPP to buy commercial property, including their own building.

Good for: Locum vets, high earners, and practice owners who want flexibility and tax efficiency.

Final Thoughts

You don’t need to choose one or other of these options. Most vets build retirement savings through a combination of workplace pensions and personal pensions.  Many also supplement their pensions with ISAs, investments and property. The key is to get advice, start early, contribute consistently, and choose a mix that fits your income and career stage.

Specialist retirement planning support for BVA members

Chase de Vere is a partner of the British Veterinary Association (BVA), working with its members to provide specialist retirement planning expertise tailored to veterinary careers.

Our advisers understand the realities of the profession — including moving between practices, locum work, self‑employment, ownership, and the impact of career breaks or changing working patterns. For many vets, having a conversation with someone who understands these nuances can be a helpful way to sense‑check where they stand.

As part of this partnership, BVA members can book a free initial chat with one of our specialist advisers to talk through their situation, ask questions, and gain clarity — with no obligation.

Book a free initial chat with a Chase de Vere retirement specialist