The self-employment association, IPSE, has started offering a new pension scheme to its members, in conjunction with Aegon.
The “IPSE futures” service will be available to the association’s 22,000 members as of March 2015 and will allow users to bring all their finances online and in one place.
A study in May last year found that two thirds of self-employed people are currently not paying any money into pensions, leaving them at a much greater risk of falling into financial difficulties later in life.
On the other hand, more than half of Britain’s employees make pension contributions, either directly or through their employers.
Chris Bryce, CEO of IPSE, said:
“With a varied income not to mention the desire to retain as much of their take-home pay as possible, the self-employed have difficult decisions to make about the amount of money they put into their pension pot each month. On top of this, many pension products currently available in the private sector aren’t suitable for the self-employed and lack flexibility.”
IPSE hope their new scheme will help to change this.
Aegon’s online service allows savers to access and manage a number of savings accounts at once, including ISAs, general-purpose investment accounts and offshore bonds.
IPSE hope that this will make it easier for their members to keep track of their savings, encouraging them to invest more.
Chris Bryce added:
“IPSE Futures brings all your finances together online and in one place, helping people keep track of their savings and making it easier for them to decide how much they’d like to put away each month.”
The service will be offered free of charge to IPSE members, although a charge may be incurred from current providers for transferring plans.
Image via David Reece