"There are an estimated 4.25 million self-employed workers in the UK, and it is thought only about 20% are saving into a pension"
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"There are an estimated 4.25 million self-employed workers in the UK, and it is thought only about 20% are saving into a pension"
Terrifying stat even if it's out by 10 percentage points. A pension isn't the only option for saving for retirement, but it's the most tax-efficient for many because you get tax relief at your marginal rate, i.e. you put in £80, you get £20 in tax relief (if a basic rate tax payer).
UK pensions: lifetime Isa shake-up raises fears for self-employed
As the sun sets on a tax-free scheme used by nearly a million people, there are calls for a better deal on retirement saving
the Guardian (www.theguardian.com)
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"There are an estimated 4.25 million self-employed workers in the UK, and it is thought only about 20% are saving into a pension"
Terrifying stat even if it's out by 10 percentage points. A pension isn't the only option for saving for retirement, but it's the most tax-efficient for many because you get tax relief at your marginal rate, i.e. you put in £80, you get £20 in tax relief (if a basic rate tax payer).
UK pensions: lifetime Isa shake-up raises fears for self-employed
As the sun sets on a tax-free scheme used by nearly a million people, there are calls for a better deal on retirement saving
the Guardian (www.theguardian.com)
I'm not sure how we get more self-employed people saving for retirement, especially if we don't want to force people to use a particular option (which is the case for auto-enrollment, you join your employer's scheme which may not be what you want, but you do at least get employer contributions).
It would help a lot if the Chancellor didn't fiddle with the rules in almost every Budget though.
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