Pension contributions by the self-employed should be a "key focus" in next year's auto-enrolment review, Royal London director of policy Steve Webb has said, following today's release of data by HM Revenue & Customs (HMRC).
Webb (pictured) pointed to the revelation four and a half million self-employed people in Britain - 15% of the workforce - account for just 2% of the total tax relief in personal pension contributions. "These figures are a stark reminder of the disastrously low levels of pension saving among the self-employed," the former pensions minister said. "While some self-employed people have a business or other assets they can sell to fund their retirement, many self-employed people are in low-paid, insecure employment and have nothing else to fall back on." He added: "Sorting out the pens...
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