The Society of Pension Professionals has called for pensions automatic enrolment to be extended to the self-employed.
The body for pension consultants and service providers shared a series of recommendations for the Government’s revived Pensions Commission this morning.
The SPP's Saving Retirement: who is at risk and why? report called for an extension of auto enrolment, or something similar, to be extended to the "disenfranchised" self-employed to better support them with saving for retirement.
Other recommendations include:
- Giving 2.3m carers earning no incomes ‘carer credits’ to boost their pensions.
- Increasing employer auto-enrolment contribution rates and recognizing employers making 12% or higher contribution rates (e.g via an additional tax rebate).
- Removing the link between employer and employee contributions, allowing employees to opt-down (or even out) while keeping the employer contribution.
- Increasing the £2,880 limit on which pension tax relief is payable for non-taxpayers.
Sophia Singleton, president of the Society of Pension Professionals, said: “The SPP hopes that this wide-ranging paper proves useful in stimulating debate, thought and most importantly, action, on what is arguably the biggest pensions challenge faced to date. As the paper makes clear, Government, industry and savers can all do more, and we all need to if we are to achieve the shared goal of an adequate retirement income for all.”
SPP is the representative body for the wide range of providers of advice and services to pension schemes, trustees and employers. Its members include actuaries, lawyers, professional trustees, DC consultants, investment managers, providers, administrators, covenant assessors, and other pension specialists.
It was founded in 1958 as the Society of Pension Consultants, bringing together professionals to positively influence pension policy, support the development of legislation and provide members with access to technical information and insight into key industry policy debates.
In 2014, it renamed as The Society of Pension Professionals, to broaden the range of professionals engaged in membership.