Pensions - Articles - Aegon welcomes the Self-Employment Review


Aegon welcomes the Self-Employment Review, an independent report by Julie Dean OBE, as a means of drawing attention to the pensions plight of the self-employed.

 Steven Cameron, Regulatory Strategy Director, Aegon UK commented: “Self-employed workers make up a growing percentage of the UK’s population and have a specific set of pension needs. The recommendation that they should be granted early access to their pension, below the current minimum age of 55, is a double edged sword. While it may reduce concerns over money being locked away, it could also prove a little too tempting for some.
 
 “Self-employed individuals reaching state pension after April this year are in for a boost as they become entitled to the new state pension of £155 a week if they have sufficient National Insurance contributions, but this won’t come close to paying for a comfortable retirement.
 
 “It’s disappointing the report rejects a self-employed version of automatic enrolment. This has proved successful in getting millions of payroll employees contributing to their pension and there are ways this could be extended for those whose employment is made up of a series of contracts.
 
 “Many with their own businesses, understandably, prefer to invest in their company, leaving pension savings until later in life. However, this could become more difficult if the Budget rumours are correct and Chancellor reduces the maximum amount an individual can pay into their pension in any year.”

Back to Index


Similar News to this Story

The Pensions Management Institute Reacts to 'Brexit'
Commenting, CEO of The Pensions Management Institute, Gareth Tancred said; "The vote in favour of leaving the EU creates a new era, the full implicati
PLSA responds to the UK's decision to leave the EU
The Pensions and Lifetime Savings Association (PLSA) has today (Friday) published its initial response to the UK’s decision to leave the European Unio
Impact on Pensions from Brexit vote
Commenting on the impact on pensions of the EU referendum result, Steve Webb, Director of Policy at Royal London, said:

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.