Govt urged to find self-employed pension solution as numbers near five million

The government has been urged by experts within the pensions industry to get more self-employed people to save for retirement, as numbers near five million.

Figures from the Office for National Statistics published today, 13 August, revealed that there are now 4.96 million self-employed workers in the UK, which account for 15.1 per cent of all people in employment.

As a result, Royal London pension specialist, Helen Morrissey, noted that whilst being self-employed can bring more flexibility, the group are “particularly vulnerable” when it comes to planning for retirement.

“The government can no longer ignore the needs of almost 5m people and it must look at how to bring the self-employed into the auto-enrolment regime so they can safeguard their future by saving into a pension,” she said.

In addition, Aegon pensions director, Steven Cameron, said: “This movement to becoming self-employed is not going away. The self-employed are a core part of the workforce and unlike employees, they are excluded from the government’s flagship auto-enrolment policy. Finding an attractive and accessible retirement saving solution that works for the self-employed must remain a Government priority so they in future reap similar retirement rewards as those who are auto-enrolled through their workplace.”

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