Pensions: Self-employed

Department for Work and Pensions written question – answered on 3 May 2023.

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Photo of Jon Ashworth Jon Ashworth Shadow Secretary of State for Work and Pensions

To ask the Secretary of State for Work and Pensions, what steps he is taking to increase pension memberships among the self-employed.

Photo of Laura Trott Laura Trott The Parliamentary Under-Secretary of State for Work and Pensions

We remain committed to enabling self-employed people to achieve greater financial security in later life. Finding effective and enduring solutions is a long-term challenge given the highly diverse nature of this group, with varying incomes, assets, and employment experiences.

The initial research and trialling programme, delivered through Nest Insight was published in November 2022. Their paper, Exploring practical ways to support self-employed people to save for retirement”, has provided a useful platform to move forward, helping us build our evidence base.

We are currently working with software providers to explore the feasibility of building and testing retirement savings solutions in digital platforms. This includes accountancy software and payment platforms, used by self-employed people to manage their money.

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