New Forest

12/11/2019

Messages aim to promote pension saving to the self-employed

A government-backed pension provider is trialling emotive messages to nudge sole traders to start retirement saving.

The messages from NEST aim to persuade the self-employed to sign up for pensions through payment or accountancy platforms or trade and industry bodies.

Four messages are being tested to encourage savings behaviour, including ‘could you save £2.50 a day?’.

‘Flexible pension options for the self-employed’ attempts to emphasise they can pay what they can, when they can.

Loss-avoidance messages, such as ‘a tax-free way to save for retirement’ and ‘don’t miss out on pension returns’, are the other messages being trialled.

NEST polled 2,000 self-employed people, finding 24% save into a pension – and 74% recognise the importance of doing so.

It also found self-employed people look at pension saving in a different way to employees.

More than three quarters (76%) have some form of savings or investment, and 68% are using these to save for the long-term.

The report said:

“This points to a conceptual difference in the way self-employed people regard pensions and retirement, compared to employees.

“They tend to save for the long-term rather than a specific age or period of life, and use a wide range of savings vehicles including savings accounts, ISAs and property, as well as pensions.”

For further information on pension savings, please contact James Alesbury on 023 8046 1222.

Latest Tweets

What Needs to be on a VAT Invoice? - @HWB_Accountants

Check them out on Page 24 of the March 2023 issue of The Business Magazine!

Find the full issue online here:
https://bit.ly/3VPJ5Ac

#accounting #finance #advice #B2B #print #magazine #businessnews #businessintelligence

Our staff joined forces this week to donate clothes and goods to Mountbatten. Thank you @Mountbatten for picking up the donations.

#charity #fundraise #charitywork

Let’s Talk

Why not arrange a FREE consultation and find out what we can do for your business.