The self-employed need better pension products to encourage saving
IPSE, the Association of Independent Professionals and the Self Employed, have responded to a report published by Citizens Advice which finds a lack of trust, understanding and information is holding self-employed people back from saving into a pension.
Chris Bryce, IPSE Chief Executive, commented: “Today’s findings by Citizens Advice will resonate with many of the 1.9 million independent professionals working in the UK, with our own research showing over half (54%) are concerned – or very concerned – about their finances post-retirement. Not having an employer who makes a contribution reduces the incentive to save, and the nature of freelance work means you aren’t always on assignment and can’t commit to setting a regular amount aside for the future.
“If we are to see more freelancers save for the future, then we need to see more and better quality financial products made available to the self-employed. Here at IPSE, we give freelancers access to quality pension products at wholesale rather than retail rates via our IPSE Futures scheme, but we also believe the Government’s auto-enrolment provider NEST, should produce a scheme geared specifically towards the self-employed. This is one of the key issues IPSE has raised in Julie Deane’s self-employment review, due to report back later this year.”
Finance, Pensions, IPSE Futures