In light of Pensions Awareness Day, the Association of Independent Professionals and the Self-Employed (IPSE) has warned that over three million self-employed could face ‘bleak later years’.
The IPSE has said that unless there is urgent change, millions of self-employed people could be left without a pension within the next 10 years.
Worryingly, 55% of self-employed people do not have a pension and at the current growth rate, the number of self-employed will hit six million by 2028, leaving 3.3 million without a pension.
1.74 million would also have no savings for later life through pensions, ISAs, assets or any other means.
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Email JaimeJonathan Lima-Matthews from IPSE, commented, “It is deeply worrying that so many hardworking people could be left facing bleak later years because there simply aren’t products that work for them.
“Freelancers are the essential drivers of innovation for the UK economy, so we all rely on them being given every chance to thrive. The government has done some positive work, but it must urgently get behind innovative pensions solutions and push the industry to do much more. The longer this is left, the worse it will get.”
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