Self-employed Unable to Afford Pension Payments

Only 17% of self-employed workers surveyed regularly contribute to their pension, with 6% planning to “never stop working” Research has revealed worrying statistics regarding pensions for self-employed workers. The number of self-employed people has risen to 4.6 million – making up 15% of the UK workforce – but 52% admit to having no plans to start putting money into a pension. The report, conducted by financial services group Prudential, found that 43% of entrepreneurs have no pension with the majority (57%) citing affordability as the reason against one – the majority of entrepreneurs are re-investing profits back into their business. Only 17% regularly contribute to their pension and 6% add to theirs when they can. Of the entrepreneurs who have decided against putting money into a pensi... »

Your Pension Options

Introduction to Your Pension Options Everyone needs to plan ahead for retirement. The basic State Pension will give you a start but you’ll need to build up a second pension to make sure you have the lifestyle you want in retirement. And the sooner you take one out, the better. To help you, this introductory guide tells you about the different types of pensions you can get, raises some of the questions you may need to think about, and tells you where you can find more information. Other guides in this series will give you more information about particular areas of pensions. See details about how you can get copies of these guides. These guides can give you helpful information, but only you can make decisions about your pension. »