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HR Praseeda Nair · 19 December 2018
New trials announced to tackle self-employed pensions crisis
The government is to launch new trials targeted at helping self-employed people make regular contributions to long-term savings. Between 2016 and 2017, only one in seven self-employed workers saved money into a pension. The figure is now said to be almost a third, and the Department for Work and Pensions (DWP) is seeking to make it easier for those working for themselves to make regular and affordable contributions. Features of the trial include encouraging employees who become self-employed to keep making regular and affordable contributions to a pension, highlighting how financial technology can help the self-employed overcome barriers to saving and making the most of contact points such as online accounting to promote saving for retirement. Commenting on the initiative, Guy Opperman, minister for pensions and financial inclusion, said: Only around 1 in 7 (14%) self-employed people were saving into a pension in 2016 to 2017. Our trials are designed to make sure that this diverse group of people gets help to plan ahead for greater financial security and the lifestyle they aspire to in later life. we want to see effective, long-lasting solutions that boost the future prospects of millions of hard-working self-employed people, and will work with the financial services sector, professional trade bodies, unions and others to achieve that.” Read more:
ABOUT THE EXPERTPraseeda Nair
Praseeda Nair is an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.