Home.co.uk
Home.co.uk

News: Self-employed lack pension advice

Self-employed people and small business owners often have access to the most basic pension advice so the Pensions Advisory Service has launched a dedicated national pensions Helpline.

The shortfall in pension provision is particularly acute among this group. Surveys by the Office for National Statistics reveal that the proportion of the self-employed paying into a pension plan dropped from 64% to 49% between 1998 and 2004.

Significantly, the figures suggest that more than half of self-employed women lack private pension provision of any sort.

Unlike the many who are helped by an employer contribution, this group is entirely reliant on their own resources for making plans to save for their retirement. Not only that but the self-employed have less access to state pension provision. But where do people who work for themselves turn for even the most basic idea of their options?

"We are well aware of the disadvantages the self-employed and small business owners face in getting advice on pensions", says chief executive Malcolm McLean. "I believe our new helpline will fulfil a real need for this important sector of the working population. I hope people will take the opportunity during the period of this helpline to get advice on what they should be doing to plan and provide for their retirement."

The new pensions helpline on 0845 602 7021 will run for a six-week period from 2 October 2006, open Monday to Friday 9am to 5pm. Two free booklets will be available in conjunction with the helpline; one for the self-employed and one for small business owners.

 

Back to: News Index