Aviva comments on record number of self-employed workers missing out on pensions

18 Oct 2017

Alistair McQueen, Head of Savings & Retirement at Aviva, said:

“The UK now has a record number of self-employed workers – 4.86 million, representing more than one-in-seven of all in employment.¹ This comes as the Financial Conduct Authority has warned that 15 million workers are not saving into a pension.²

“Automatic enrolment has transformed pension saving in the past five years, introducing more than 8 million employees into workplace pensions. But this system does nothing for the record number of self-employed – they are excluded.

“Recent HMRC figures reported that personal pension saving amongst self-employed workers has fallen to an all-time-low of just 350,000.³

“The Government is reviewing automatic enrolment this year and is considering the recommendations of the Taylor Review⁴ of the self-employed.  We should celebrate its success, but today’s figures highlight the need to help the growing army of self-employed workers. This army is at severe risk of being left behind.”

Sources:

1. https://www.ons.gov.uk/releases/uklabourmarketstatisticsoct2017
2. http://www.mirror.co.uk/money/millions-people-forced-work-until-11360232?service=responsive
3. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/647545/September_2017_Pensions_publication.pdf
4. https://www.gov.uk/government/publications/good-work-the-taylor-review-of-modern-working-practices

• Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
• In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.  
• Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over &340 billion in assets. Total group assets under management at Aviva group are &450 billion.
• Aviva helps people save for the future and manage the risks of everyday life; we paid out &34.4 billion in benefits and claims in 2016.