Record number of self-employed workers missing out on pensions

Alistair McQueen, Head of Savings & Retirement at Aviva, comments on 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 Reviewof 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

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

Notes to editors:

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