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

Radical rule changes on capital reserves for SIPP operators
Changes to the rules on capital reserves for SIPP operators take effect on 1 September. These changes are around how the amount of those capital reser
80% don't know how many years NI qualifies for full pension
As the Government announces plans to communicate with 100,000 people at risk of completely missing out on the new state pension, the latest findings o
Buy in demand from DB schemes set to hit £350bn by 2026
Research conducted by Hymans Robertson, the independent pensions, benefits and risk consultancy, has found that demand from UK private sector DB schem

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.