Our website uses cookies to store information on your computer. You may delete and block all cookies from this site, but parts of the site will not work as a result. Find out more about how we use cookies.
(Accept cookies and do not show this message again)
Shout99 - News matters for freelancers
Search Shout99 - News matters for freelancers
(Advanced Search)
   Join Shout99  About Shout99   Sitemap   Contact Shout99 26th Feb 2024
Forgot your password?
Shout99 - Freelancers, FO35, Section 660
New Users Click Here
Shout99 - Freelancers, FO35, Section 660
Shout99 - Freelancers, FO35, Section 660
Front Page
News...
Freelancers' Shop...
Ask an Expert...
Letters
Direct Contracts
Press Links
Question Time
The Clubhouse
Conference Hall...
News from Partners
Accountants

Login
Sitemap

Business Links

Shout99 - Freelancers, FO35, Section 660

Freelancers' Shop

Personal Financial Services
from ContractorFinancials

Mortgages

Pensions

ISAs

Income protection

... and more special offers for Shout99 readers in the Freelancers' Shop

Shout99 - Freelancers, FO35, Section 660
  
Shout99 - Freelancers, FO35, Section 660

News for the
Construction Industry

Hardhatter.com - News for small businesses in the construction industry

Powered by
Powered by Novacaster
Advertisement
Cogent

Renewed fears over self-employed pension crisis
by Susie Hughes at 11:56 18/05/23 (News on Business)
New research suggesting that 45 per cent of freelancers are not saving into a pension has prompted renewed calls for political parties to tackle the issue in their manifestos ahead of the next election.
The findings from freelancer and self-employed group, IPSE, and financial planning consultants CMME Contractor Wealth, are the latest sign of a worsening outlook for the retirement plans of the self-employed.

Advertisement
The research revealed that 15 per cent of freelancers don’t currently have a private or personal pension, whilst 30 per cent indicated that despite having a pension, they are not currently paying into it.

The top reasons reported by the self-employed for not currently saving into a pension included having other financial priorities (34 per cent), affordability (24 per cent) and ceasing contributions to a pension after becoming self-employed (24 per cent).

This follows similar research in 2021, which found that 14 per cent of self-employed professionals were not saving for later life in any way.

Automatic enrolment
Unlike employees, the self-employed do not benefit from automatic enrolment into a workplace pension or from additional contributions by an employer.

Andy Chamberlain from IPSE, said: “Successive Governments have ducked the issue of self-employed savings for years, but the crisis is now too big for a future Government to ignore. It will likely require intervention of a magnitude similar to automatic enrolment for employees.

“Pensions aren’t the only option for those saving for later life. Some self-employed people may find other methods of saving more attractive, if they were better suited to volatile incomes; the Lifetime ISA is one example, and IPSE has called for it to be revamped to better serve independent workers.

“With an election little over one year away, political parties with ambitions for Government must get to grips with this challenge now and be unafraid to propose bold, radical solutions in their bid to win the backing of the self-employed."


--
If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'.
-
Susie Hughes © Shout99 2023

Printer Version

Mail this to a friend

Copyright 1999-2018, Shout99.com | All Rights Reserved
Privacy Notice and Terms of Use
 

Advertisements
advert
advert
advert
advert