People on low incomes and self-employed workers should be encouraged to save for their retirement, says Citizens Advice.
Responding to the Work and Pensions Select Committee’s (WPSC) report on automatic enrolment, the national charity welcomed recommendations to help people on low incomes and the self-employed save into a pension.
Gillian Guy, chief executive of Citizens Advice said:
“Millions of people are missing out on the financial security of a pension.
“People on low incomes who aren’t automatically enrolled into a pension scheme often don’t pay into a pension at all. The Work and Pensions Select Committee has heard our call to lower the threshold for automatic enrolment, so more people can save for their retirement.
“Self-employed people need the same support to save as employees. Our evidence shows that many self-employed workers don’t know how to pay into a pension, and being given the chance to opt-in while reviewing their tax return is a good first step.”