Record number of self-employed workers missing out on pensions

Alistair McQueen, Head of Savings & Retirement at Aviva, said:

“The UK now has a record number of self-employed workers – 4.86 million, representing more than one-in-seven of all in employment.¹ This comes as the Financial Conduct Authority has warned that 15 million workers are not saving into a pension.²

“Automatic enrolment has transformed pension saving in the past five years, introducing more than 8 million employees into workplace pensions. But this system does nothing for the record number of self-employed – they are excluded.“

Recent HMRC figures reported that personal pension saving amongst self-employed workers has fallen to an all-time-low of just 350,000.³

“The Government is reviewing automatic enrolment this year and is considering the recommendations of the Taylor Review⁴ of the self-employed.  We should celebrate its success, but today’s figures highlight the need to help the growing army of self-employed workers. This army is at severe risk of being left behind.”

ENDS

Sources:

¹    https://www.ons.gov.uk/releases/uklabourmarketstatisticsoct2017

²    http://www.mirror.co.uk/money/millions-people-forced-work-until-11360232?service=responsive

³    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/647545/September_2017_Pensions_publication.pdf

⁴    https://www.gov.uk/government/publications/good-work-the-taylor-review-of-modern-working-practices

Media Enquiries:

Fiona Whytock, Senior Media Relations Manager, T: +44 (0)7800 692299 E: Fiona.whytock@aviva.com  

Notes to editors:

• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
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