AQW 17521/22-27 Written question to the Minister for Communities
To ask the Minister for Communities to detail what action he will be taking to encourage self-employed people to have a pension.
Asked by Kellie Armstrong MLA on 4 November 2024
- Answered
- Written
- After due date
- Tabled
- 4 November 2024
- Answer due by
- 19 November 2024
- Answered
- 25 November 202421 days after tabling
- Department
- Department for Communities
- Priority question
- No
Answer
Finding effective, durable, retirement savings solutions for self-employed individuals is a long-term challenge not just nationally but globally.
Whilst automatic enrolment into workplace pensions does not apply to the self-employed, individuals can arrange their own pension provision including through National Employment Savings Trust (NEST), personal pensions, stakeholder pensions and self-invested personal Pensions (SIPP). However there are specific barriers to pensions savings experienced by many self-employed people, including irregularity of income.
The Department for Work and Pensions (DWP) is exploring the feasibility of retirement savings solutions for the self-employed, however this work is long term. My officials continue to liaise with DWP officials on this work.