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Government publishes self-employed pensions paper

The Government has released a paper setting out its plans to trial pension savings among the self-employed.

The paper confirms that the Department for Work and Pensions will begin a trialling and research programme starting from winter 2018, in partnership with financial services organisations and trade bodies.

A report published by HMRC at the same time found that of the 4.8 million self-employed individuals in the UK, only 32% are regularly saving for retirement.

The self-employed people who participated in the research said an ideal pension product would be low risk, flexible, rewarding, automatically set up and voluntary.

Many also felt it was important to have access to information on their pension pot.

The research follows the Government's 2017 review of auto-enrolment, which acknowledged the need to improve pension savings for the self-employed.

Trials to find a pension saving solution for the self-employed were originally expected to begin earlier in 2018, but were delayed due to a "lack of consensus or evidence" on the best approach.

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