Only four per cent of self-employed workers relying solely on self-employment income are currently saving into a pension, a senior government minister has admitted, describing the situation as a “catastrophe” affecting millions across Britain.<\/p>\n\n\n\n
Pensions Minister Torsten Bell made the remarks while addressing delegates at The Investing and Saving Alliance Annual Retirement Conference 2026, calling for substantial reform to extend pension saving beyond the employees currently covered by automatic enrolment.<\/p>\n\n\n\n
According to Office for National Statistics figures, there are approximately 4.57 million <\/strong>self-employed workers in Britain, representing around 13.1 per cent of the total workforce. Bell warned that pension participation among this group has suffered what he termed a “complete decimation,” falling from roughly half to below one-fifth overall.<\/p>\n\n\n\n “If I just look at the ones we’re most worried about, who just have self-employment income… four per cent are now saving into a pension. It’s a catastrophe<\/em>,” he told the conference.<\/p>\n\n\n\n The picture across the broader working-age population is also troubling. Bell noted that when looking beyond those covered by workplace schemes, only 55 per cent of working-age adults are currently saving into a pension<\/strong>, meaning roughly half are not saving anything at all towards retirement.<\/p>\n\n\n\n