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Calls for self-employed to access pensions advice allowance

Jack McVitie

National advice firm LEBC has called on the government to extend the pensions advice allowance to the self-employed.

If extended, the self-employed could claim up to £500 in three separate tax years to fund their pensions advice.

This amount is currently only accessible to company
employees, leaving the self-employed to pay for their own financial advice.

LEBC has highlighted this inequality and says
there should be fair treatment for self-employed workers.

LEBC wrote an open letter to pensions minister Guy Opperman following his request for suggestions of how to help the self-employed.

Tom Selby: How do you square the self-employed pensions circle?

LEBC also wants to see the facility that allowed self-employed taxpayers to pay pension contributions in the current tax year but have them offset against the previous year’s earnings or profits reinstated. That facility was removed in 2006.

LEBC chief executive Jack McVitie says: “Lack of financial security is a key concern of many self-employed, around retirement planning, making provision for ill health and protecting dependents on death.”

In April, Aegon called for the allowance to be doubled from £500 to £1,000.

A report on meeting the pensions crisis for the self-employed is expected to be published tomorrow by IPSE, the Association of Independent Professionals and the Self Employed.

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