Self-employed workers are not saving money for their pensions as much as employed people, according to the findings of a new study.
Research from financial services provider Scottish Widows has found that 23 per cent of self-employed people manage to save regularly, as opposed to 32 per cent of counterparts who are not their own boss.
Moreover, 23 per cent of people who run their own business admit that they do not believe that they will be able to retire until they are at least 70 years old, compare to 16 per cent of employed workers.
In 2012, the government proposes to launch a new national pensions savings scheme, which is to introduce the personal account pensions vehicle.
And Ian Naismith, head of pensions market development at the financial services provider, has warned that the move could exacerbate the difference in pensions provision between the self-employed and the employed.
"The position of the self-employed is a particular concern," he said.
"Losing out on employer contributions, included in the proposed personal accounts, means that it is imperative they have a savings plan in place for their retirement."
Self-employed workers may wish to consider consulting pension information providers to learn about how to set up a private old age pension plan.
Self-employed may face pensions shortfall, financing study suggests
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Self-employed may face pensions shortfall, financing study suggests
Fri, 09 Feb 2007
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