Queen’s speech: IPSE welcomes measures to secure the future of the self-employed

Posted On: 
14th October 2019

IPSE, the Association of Independent Professionals and the Self-Employment, has welcomed measures announced in the Queen’s speech to support pension saving among the self-employed.

In the Queen’s speech, it was announced the government will be creating a framework to allow the creation of pensions dashboards, where people can, for the first time, view their pension schemes in the same place.

It was also announced the government will create “a framework for the establishment, operation and regulation of collective money purchase schemes (commonly known as Collective Defined Contribution pensions)”.

The speech also included a plan to “accelerate the delivery of fast, reliable and secure broadband networks to millions of homes”.

IPSE’s Deputy Director of Policy, Andy Chamberlain, said: “There were several positives for the self-employed in the Queen’s speech today. Not least, the government’s recognition that ‘our flexible labour market is working’.

“One of the biggest challenges for the self-employed, also addressed in the Queen’s speech, is saving for later life. In fact, our research shows that 67 per cent of the self-employed are worried about their pensions.

“For a long time, we at IPSE have supported the idea of a pensions dashboard to help the self-employed bring their savings together in one place and get a handle on their provision for later life. The government’s confirmation of this is therefore a definite step in the right direction for the self-employed.

“We also believe the government’s embrace of Collective Defined Contribution (CDC) pensions is promising. If groups of the self-employed band together, they could use these to significantly boost their pension provision. We therefore believe any government bill on CDCs should open them up to the self-employed.

“Also promising for the self-employed was the government’s commitment to accelerate the delivery of fast, reliable broadband across the UK. With many self-employed people living and working at home in rural areas, this is vital for giving this dynamic sector the connectivity it needs.

“Overall, then, the Queen’s speech was broadly positive for the self-employed. We look forward to the government fulfilling these commitments if, of course, it can actually get the speech passed in the House of Commons.”