Pensions - Articles - Comment on Nest Insight and DWP Covid19 impact research

Kate Smith, Head of Pensions at Aegon, comments on the pensions messaging trials for the self-employed carried out by IPSE and NEST.

 “The trend towards self-employment means this group have to be self-reliant when it comes to saving for retirement. The self-employed are a diverse group and face barriers to saving, including irregularity of income. They are excluded from auto-enrolment and often pension saving is lower down the priority order. Targeted, relevant communications has the potential to influence the self-employed savings habits and financial wellbeing. 

 “The impact of the pandemic has been devasting for many self-employed, not only in terms of their businesses but also on their ability to save for their future. Our research* found that the self-employed were the most adversely affected by the crisis with over 36% reducing their pension savings or stopping altogether. For the employed only 8% reported reducing or stopping pension contributions, although for furloughed workers it was higher at 24%.

 “One thing that the pandemic has clearly demonstrated is the need for financial resilience and access to liquid savings as well as pension savings to secure their immediate and longer term futures.”

 * Aegon research carried out with 2000 UK adults between 15th-19th May 2020.

Back to Index

Similar News to this Story

Call to consider staggering requirements by size of scheme
XPS has responded to the DWP’s consultation on ‘Improving outcomes for members of defined contribution pension schemes’. It is calling for the governm
Comment on MaPS Pensions Dashboards Programme update
Commenting on the publication by the Money and Pensions Service (MaPS) of an update on the Pensions Dashboards Programme pathway, Anthony Rafferty, Ma
Employment crisis may be made worse by lack of training
The largest global retirement survey of its kind, carried out in 15 countries by Aegon, highlights a considerable training gap between older and young

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


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