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Possible pension ‘black hole’ for millions of self-employed who could be left with nothing when they retire

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pension ‘black hole’ for self-employed workers due to depleted savings after the coronavirus pandemic and if realised, this could leave millions across the country in financial difficulties when they reach retirement.

The warning comes on the back of statistics showing a decline in the numbers of self-employed people contributing to their pensions, with research from the Institute for Fiscal Studies (IFS) showing the figure going from 48 per cent in 1998 to just 16 per cent today.

Community, the trade union representing self-employed people, who shared the new figures, also said some 67 per cent of self-employed had to use savings to help with their finances due to the impact of the pandemic on their income.

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