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968412
star this property registered interest false more like this
star this property date less than 2018-09-05more like thismore than 2018-09-05
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions more like this
star this property hansard heading Self-employed: Pensions more like this
unstar this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what recent steps her Department has taken to encourage self-employed individuals to participate in a private pension scheme. more like this
star this property tabling member constituency Windsor more like this
star this property tabling member printed
Adam Afriyie more like this
star this property uin 170738 more like this
star this property answer
answer
star this property is ministerial correction false more like this
unstar this property date of answer less than 2018-09-11more like thismore than 2018-09-11
unstar this property answer text <p>As part of its review of automatic enrolment, published in December 2017, the Government looked at the position of the self-employed and private pension saving. The review established that the 4.8 million people who are self-employed in the UK are a hugely varied population with different income and savings needs for their retirement. Overall, participation rates for the self-employed have been on the decline in recent years, falling from 31 per cent in 2006/7 to 14 per cent in 2016/17. While pension participation rates have fallen for the self-employed, analysis has shown that the self-employed have, on average, broadly comparable levels of total assets to employees’ (PPI report on policies for increasing long-term saving of the self-employed). However, analysis has shown the distribution of assets to be different for employees compared to the self-employed – employees tend to have a higher level of private pension wealth compared to the self-employed and the self-employed tend to have higher levels of property wealth relative to employees.</p><p> </p><p>The review found that there is currently no single or simple and straightforward mechanism to bring self-employed people into workplace pension saving. Nor is there any consensus or evidence about the best approach to increasing pension saving among this group.</p><p> </p><p>We are committed to work towards implementing our manifesto commitment to improve retirement savings among the self-employed by testing targeted interventions to understand what works in practice. We will provide more information about the trial areas later this year, following our feasibility work.</p><p> </p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property grouped question UIN 170737 more like this
star this property question first answered
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star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
1586
unstar this property label Biography information for Adam Afriyie more like this