Pensions: Low-income and Self-employed Workers

Lord Howell of Guildford Excerpts

Wednesday 23rd July 2025 Lords Chamber

[Lord Palmer of Childs Hill (LD)]

My Lords—

[Lord Howell of Guildford (Con)]

My Lords—

[Captain of the Honourable Corps of Gentlemen-at-Arms and Chief Whip (Lord Kennedy of Southwark) (Lab Co-op)]

My Lords, we will hear from the Lib Dem Bench then we will come to the noble Lord.

--- Later in debate ---

[Baroness Anderson of Stoke-on-Trent (Lab)]

The noble Lord is absolutely right. One of the challenges we have with the self-employed and those who have multiple jobs of a lower income is around how we can encourage them, and auto-enrolment is not the right vehicle for them. There are two things the Government are doing. First, it is part of the remit of the forthcoming Pensions Commission to see what additional support can be put in place for the self-employed. Secondly, in the interim, the DWP is working with Nest Insight on how we can actively encourage new schemes that make it easier for the self-employed to participate in pensions. We are talking about cultural issues, using AI and other tools that the self-employed might already use in their workplaces to encourage them to save. We have undertaken a scheme with Nest, and we are looking for partners to roll it out to make sure it is credible on a national scale.

[Lord Howell of Guildford (Con)]

My Lords, in addition to more pension saving, the Chancellor talked the other night at the Mansion House about encouraging more retail investment in the stock markets and wider share ownership generally. This is an excellent cause and one that all parties should support. Will we see more measures from the Government to reinforce that particular development?

[Baroness Anderson of Stoke-on-Trent (Lab)]

My very good friend the Chancellor of the Exchequer will, as always, be considering these matters on an ongoing basis. Her Mansion House speech made clear our direction of travel. She will come forward with more activities in the future.