The Department of Work and Pensions (DWP) has announced that the number of self employed people actively saving into a retirement pension has dropped steadily over the last ten years.
The figures come from the annual automatic enrolment report, published in February. It shows that in 2008/09 27% of business owners were saving for their retirement.
This dropped to just 15% in 2017/18.
A trial by the DWP to encourage more self-employed people to save into a pension didn’t work. The trial sent four email messages to the self employed to encourage them to save. Over 45% of recipients of those messages opened the email, but less than 10% clicked the included link.
If you’re unsure how to save for your retirement, we would suggest you speak to a Financial Advisor.
It’s highly unlikely that any State Pension will provide adequately for anyone’s retirement.
If you have no alternate plans, now could be the time to make one!