UK. Millions to miss out on self-employed pensions revolution
Government plans to solve the self-employed savings crisis are in danger of being derailed as new research reveals as many as three million workers are set to miss out.
Last year this newspaper revealed the Department for Work and Pensions was to bring the self-employed into an existing system that means all employers must provide pensions for their staff. The set of rules, known as “automatic enrolment”, was introduced in 2012 and have meant an extra eight million are now saving for a pension.
However, certain workers including the very low paid, those with multiple jobs, and the self-employed were excluded. Now a DWP review is set to include the self-employed, whose number is thought to have swelled by over a million since the financial crisis. Yet official figures published last week show the number of these workers contributing to a personal pension has fallen from 950,000 to 350,000 in less than a decade.
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