Self-employed individuals ‘would back plans to expand pensions auto-enrolment’

16 Nov 2018

A survey carried out by insurance firm Prudential has suggested that over half of self-employed workers would back plans to expand pensions auto-enrolment, or make pension saving compulsory.

According to the survey, 27% of those polled would support the expansion of pensions auto-enrolment to cover the self-employed, and an additional 27% would back compulsory pension saving.

The survey also revealed that 18% of self-employed workers ‘do not believe that pensions apply to them’, while 20% stated that they find pensions rules ‘very confusing’.

Furthermore, 28% of individuals surveyed reported that they will be reliant on the State Pension as their main source of retirement income.

Commenting on the survey, Vince Smith-Hughes, Head of Business Development at Prudential, said: ‘It is clear that the self-employed want help in saving for retirement and that the State Pension alone may not be enough for a comfortable retirement.

‘We believe it is important that the government works with the self-employed and the pensions industry to ascertain the most suitable option and put appropriate rules in place as soon as practicable.’