Pensions: Self-employed
The question
To ask the Secretary of State for Work and Pensions, what steps she plans to take to encourage self-employed workers to pay into private pension funds.
Answered by Torsten Bell
The proportion of the self-employed who are saving into a pension has fallen significantly from almost 50% in the late 1990s to less than 20% at present. While self-employed workers are not eligible for Automatic Enrolment, the National Employment Savings Trust (Nest) must accept individuals who are self-employed, meeting certain conditions, who wish to join a pension scheme.
The Department is currently working with Nest Insight and partners to test potential solutions. The Pensions Commission will also explore steps to improve pension outcomes, especially for those at the greatest risk of undersaving, such as self-employed workers.
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