In the Queen’s speech earlier this week, it was announced that the government will be creating a framework to allow the creation of pensions dashboards.
This means that, for the first time, people will be able to view their pension schemes in the same place – a move very much welcomed by the Association of Independent Professionals and the Self-Employed (IPSE).
The speech also included a plan to ‘accelerate the delivery of fast, reliable and secure broadband networks to millions of homes’.
IPSE’s Deputy Director of Policy, Andy Chamberlain, commented, “There were several positives for the self-employed in the Queen’s speech. Not least, the government’s recognition that ‘our flexible labour market is working’.
“One of the biggest challenges for the self-employed, also addressed in the Queen’s speech, is saving for later life. In fact, our research shows that 67 per cent of the self-employed are worried about their pensions.”
He added, “For a long time, we at IPSE have supported the idea of a pensions dashboard to help the self-employed bring their savings together in one place and get a handle on their provision for later life. The government’s confirmation of this is therefore a definite step in the right direction for the self-employed.
“We also believe the government’s embrace of Collective Defined Contribution (CDC) pensions is promising. If groups of the self-employed band together, they could use these to significantly boost their pension provision. We therefore believe any government bill on CDCs should open them up to the self-employed.
“Also promising for the self-employed was the government’s commitment to accelerate the delivery of fast, reliable broadband across the UK. With many self-employed people living and working at home in rural areas, this is vital for giving this dynamic sector the connectivity it needs.
“Overall, then, the Queen’s speech was broadly positive for the self-employed. We look forward to the government fulfilling these commitments if, of course, it can actually get the speech passed in the House of Commons.”
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