Fewer than a third (29%) of the UK's self-employed have back-up plans for funding should they need to retire early, putting them in danger of running out of money in retirement, provider Aegon has warned.
A study by the provider found while more than two thirds (68%) pictured a smooth transition into retirement, the majority had not made provisions for any changes to their plans. Of the 100 self-employed Aegon surveyed in February 2016, 53% felt optimistic they would have opportunities to work part-time before they retire. Aegon also referred to recent figures from the Department of Work and Pensions that found pension participation among the self-employed had fallen from 31% in 2005/06 to 14% in 2014/15. Yet at the same time more and more people are opting to become self-employed...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
