Self-employed need to accumulate more savings for retirement

Self-employed people need to save more money towards their retirement, an advisory service has warned.

The Pensions Advisory Service said that many self-employed people are under-providing for the time when they finish working.

The body pointed out that independent surveys have shown that the self-employed are “one of the more significant groups” that have a shortfall in their retirement savings.

Last year, the body ran a free helpline for the self-employed and also produced literature about pension options, a scheme which is said met with a good response.

Technical manager Tony Attubato says that “more and more people are recognising how important pension provision is”.

“I think people are beginning to accept they need to take more responsibility in providing for or saving towards their retirement,” he added.

A recent study by the National Association of Pension Funds (NAPF) found that 75 per cent of workers believe having a workplace pension is important.

A further 66 per cent said they would take a lower paid job if a workplace pension were guaranteed.

© Adfero Ltd

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