Press Release (ePRNews.com) - SWANSEA, Wales - Feb 17, 2017 - As pension review specialists Precision Financial has seen the huge impact the governments flag-ship auto-enrolment scheme has had; with some 11 million people now paying into pension schemes. With so many new pension savers the retirement picture for millions will be brighter for generations to come.
As it stands, all but the smallest firms have now reached their staging dates and enrolled in the scheme; this then would seem a logical time to look at the situation of the self-employed. There are approximately five million self-employed people in the UK who have been largely excluded from government pension reforms and left facing an uncertain retirement.
The issue of the self-employed and their pensions has already been looked at by the Work and Pensions Select Committee who described the automatic enrolment of the self-employed into pensions as a priority. The committee outlined how auto-enrolment would in their view get thousands of self-employed workers saving for their retirement funds.
Bhupinder Sidhu, MD of Precision Financial welcomed the conclusions of the committee and is urging the government to take a flexible approach to ensure that real benefits are delivered to millions of self-employed. Mr Sidhu commented:
“Self-employment is not an easy option; it means taking risks, working without paid benefits, employer pension contributions and the big company benefits that many of us take for granted. It is time to not only auto-enrol the self-employed into pensions, but to examine what other flexibility can be offered such as the option of selecting their own state retirement date.”
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Ends Source :
Precision Financial Ltd