Trials to address looming self employed pension crisis

Trials to start to encourage the self employed to start saving for old age.

Savings & Pensions

 

Behavioural trials will start in the first quarter of next year which aim to encourage self employed people to start saving.

The pilots will be run by IPSE (the Association of Independent Professionals and the Self-Employed) in partnership with the Department for Work and Pensions (DWP), NEST Insight, Aegon and Smart Pension.

The trials will test different messaging, presentation treatments and tools to encourage increased saving among the self-employed.

Earlier this year IPSE released a report, ‘How to solve the self-employed pensions crisis’, which suggested that Automatic Enrolment will not be sufficient to address a future self-employed pensions crisis.

Instead, the report found that tailored products, greater engagement with young people, improved and tailored guidance on Government websites and policy documents that are accessible and jargon-free are more likely to be successful. The report’s recommendations will form the basis of the forthcoming trials. IPSE research shows just 31% of self employed people are saving for a pension.

Various IPSE members (selected at random, rather than geographically) will be identified and sent one of three or four different versions of an email encouraging them to sign up for one of a range of savings products. The email link and the web page will be set up to allow researchers to track user journeys, meaning researchers from IPSE and NEST Insight will then have a better idea of what approach is more effective in getting members towards the goal of saving more.

Jonathan Lima-Matthews, IPSE’s Senior Policy Adviser, said: In partnering with both Government and industry, IPSE is inspiring innovation, and making good on our commitment to help overcome the self-employed pensions crisis. We strongly encourage others within the pensions industry to follow suit and help three million self-employed people save for a secure future.”



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