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Self-employed unable to afford pensions

Self-employed unable to afford pensions

Category: Pensions

Updated: 05/10/2012
First Published: 01/10/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Nearly half of self-employed workers have admitted to having no pension savings, leaving themselves dependent on the State Pension when they retire.

The findings, by Prudential, revealed a shocking 54% of self-employed people can not afford to make any provisions for the future, whilst a depressing 18% claim they do not have a pension as they feel they will never retire.

The economic climate has spelt tough times for businesses. Lending to small and medium-sized businesses remains tight, despite calls for more accessible credit, whilst high taxes and overheads have battered profits.

Stan Russell, retirement expert at Prudential, said: "It's sometimes hard for self-employed workers to distinguish between their business and personal finances.

"Often, investing in the business takes priority over saving for retirement, an issue that is particularly prevalent now, given the tough economic conditions facing UK businesses."

What Next?

Learn about your pension options

For help or a pension quote call TQ Invest:
0800 294 7203

Looking for a pension to help you save for your retirement? TQ Invest can help.

Find an old pension – contact the Pensions Tracing Service on 0845 600 2537

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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