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TPAS launch dedicated self-employed guidance and social media campaign

The Pensions Advisory Service has today launched a new dedicated information and guidance Spotlight document focusing on the self-employed and pensions. The launch also kick starts a week long self-employed awareness raising social media campaign.

The campaign will help raise awareness about the low levels of pension saving amongst the self-employed and small business owners. Whilst automatic enrolment has been successful in increasing the number of workplace pensions among employees, less than a third of self-employed say they pay into a pension. Often entrepreneurs plan to use their business to fund their retirement however, this comes with risks.

The dedicated Spotlight is called ‘Pension saving for the self-employed and small business owners’ and details:

  • the benefits of saving into a pension;
  • how to choose a pension;
  • how to maximise pension savings; and
  • options upon reaching retirement.

Depending on individual circumstance, saving into a pension can also make business sense, with rules allowing business owners to minimise tax charges and provide commercial investment.

The Spotlight document will be supported by an engaging social media campaign which includes helpful graphics and video content that offer straight forward actionable tips.

Michelle Cracknell, Chief Executive of The Pension Advisory Service (TPAS):

“Since the crash of 2008, the shape of employment has changed. In 1975, only 8.7% of the workforce worked for themselves. By 2008, that had risen to about 12% and is now growing close to 16% of the workforce. The number of self-employed may soon overtake the public sector.

Understandably, self-employed customers have pressures on their time running their own business so are more likely to concentrate on the more immediate financial requirements rather than pensions or long term financial security. Yet the need for everyone to take responsibility for their retirement income is the same.”

Chris Curry, Director of the Pension Policy Institute (PPI):

“PPI research has shown that many of the self-employed are at risk of under-saving for retirement, but they do not benefit from automatic enrolment. And fewer than 1 in 5 of the self-employed believe that their business will provide them with any income in retirement.”

Simon McVicker, Director of Policy, the Association of Independent Professionals and the Self Employed (IPSE):

“With only 17 per cent of self-employed people paying into a pension there is a real need to raise awareness so more take that crucial step to save for later life. It is great to see TPAS offering practical tips to help them on their way to a more secure future.”

The full Spotlight document can be accessed here: www.pensionsadvisoryservice.org.uk/publications/category/spotlights

To help support the campaign and help raise awareness you can find all the tips and content by searching #SelfEmployedPensions. You can follow us on Twitter @TPASnews and find us on Facebook and LinkedIn.

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