Self-employed urged to start saving for retirement amid pension time bomb
PENSION CRISIS Self-employed urged to start saving for retirement amid pension time bomb
THE self-employed will be urged to start saving for retirement amid the pension time bomb.
Ministers are launching a commission to look at ways to help the self-employed build their pension pots.
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Pensions Secretary Liz Kendall is concerned self-employed Brits aren't saving enough
Figures shared exclusively with the Sun on Sunday show that while nearly half were saving towards a pension in the late Nineties, fewer than 20 per cent are doing so today.
It means over three million self-employed workers are not saving for their retirement.
Pensions Secretary Liz Kendall said: 'I'm concerned that too many people – including millions of hard-working self-employed Brits – aren't saving enough.
'I won't sit by and let their futures hang in the balance.
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"We're going to tackle the looming retirement crisis and give working people the retirement they deserve.'
The panel will report back to the Government in 2027.
The Government is currently planning some of the biggest pension reforms in decades.
It earlier announced plans to move billions of pounds of pension savings into larger "megafunds".
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The scheme is aimed at boosting savers' retirement pots as well as investment in the UK.
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