PensionBee Introduces Pension for the Self-Employed
Online pension provider PensionBee has unveiled a new product catering for the self-employed, as research reveals only 24 per cent currently have a pension.
Recent analysis from the Institute for Fiscal Studies shows that the number of self-employed workers has grown rapidly over the past two decades, yet the proportion saving into a private pension has fallen dramatically. Numbers stood at 48 per cent in 1998 but have fallen to just 16 per cent in 2018.
Nearly 80 per cent of working-age employees contributed to a pension in 2018 due to the introduction of auto-enrolment. Meanwhile, 2019 figures from trust-based workplace pension scheme Nest suggests that only 24 per cent of self-employed workers are saving into a pension.
PensionBee, currently seeking a listing on the London Stock Exchange, says its new flexible pension for the self-employed enables savers to pay into their pension according to their current income, with no minimum contribution amounts.
The product is available exclusively to sole traders and directors of limited companies without an existing workplace or private pension to consolidate. Savers can sign up for free and make one-off or regular contributions via bank transfer or Direct Debit.
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