In brief – self-employed want government pension saving help – Karen Last – BLOGAugust 1, 2019 2:54 pm
Self-employed workers want government help to save for retirement and would back new laws to expand auto-enrolment or to make saving for retirement compulsory, new research shows.
More than half of self-employed workers questioned want the law changed to encourage them to save for retirement – 27% would support the expansion of auto-enrolment to cover the self-employed, while 27% would back compulsory pension saving.
The study highlighted the growing pension crisis among the self-employed, with more than
two fifths (43%) – the equivalent of more than two million workers – admitting to
having no form of pension. More than a quarter (28%) say they will be reliant on the
State Pension as their main source of retirement income, worth just £8,546 a year.
The research shows nearly one in five (18%) self-employed people do not believe pensions apply to them, while 20% say they find the rules very confusing, and 15% worry they cannot immediately access their funds if out of work.
Workplace auto-enrolment has been a success for the employed with membership of occupational schemes at a record high of 41.1 million and up by 49% over five years.
Various options to encourage and support the self-employed to save via auto-enrolment have been put forward in recent years.
Options for retirement
Wherever you sit in your retirement journey, we’re here to support you. Whether it’s starting a pension, saving more into your plan or to help with your options for retirement. Please contact us if you want to review your options.
 Consumer Intelligence conducted an independent online survey for Prudential between 20 and 21 June 2018 among 1,178 UK adults