There are now around 4.8m self-employed1, representing around 15% of the UK workforce. Being your own boss brings freedom but could mean that you won’t have a workplace pension scheme to rely on when you retire.

A recent nationwide study2 revealed that many self-employed people aren’t making provision for their retirement years. More than two-fifths (43%) do not have a pension, with 36% saying they can’t afford to save into one. Nearly a third (31%) expect to rely on the State Pension to fund their retirement.

How to plan for the future

If you’re self-employed, contributing to a pension can be a more difficult habit to develop than it is for those in employment. Irregular income patterns can make regular saving difficult, but there are plans available that can give you the flexibility you need, and the good news is that your contributions are topped up by Income Tax relief.

Despite often having more complex financial requirements, just 10% of self-employed people regularly see a financial adviser.

1Office for National Statistics, Feb 2018
2Prudential, Aug 2018