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.

Official sources