The Queen’s speech given yesterday (14th October) was well received by the Association of Independent Professionals and the Self-Employment (IPSE) and from Matthew Taylor, author of the Good Work Plan.
IPSE was happy to hear what the Queen had to say regarding pension saving among the self-employed. The Queen announced the Government will be creating a “framework to allow the creation of pensions dashboard, where people can, for the first time, view their pension schemes in the same place.”
As well as establishing a framework to regulate collective money purchase schemes also known as Collective Defined Contribution (CDC) pensions.
Andy Chamberlain, IPSE’s deputy director of policy, said:
One of the biggest challenges for the self-employed, also addressed in the Queen’s speech, is saving for later life. In fact, our research shows that 67 per cent of the self-employed are worried about their pensions.
For a long time, we at IPSE have supported the idea of a pensions dashboard to help the self-employed bring their savings together in one place and get a handle on their provision for later life. The government’s confirmation of this is therefore a definite step in the right direction for the self-employed.
We also believe the government’s embrace of Collective Defined Contribution (CDC) pensions is promising. If groups of the self-employed band together, they could use these to significantly boost their pension provision. We therefore believe any government bill on CDCs should open them up to the self-employed.
Matthew Taylor, who wrote the Good Work plan: The Taylor Review of Modern Working Practices, which was submitted to the UK Government concerning employee and worker rights in the UK tweeted out positively to what the Queen said.
The Queen’s speech said how the Government would “take steps to make work fairer” which people have taken to mean that the Good Work plan will be delivered on.
Mr Taylor said:
Good to see the Queen’s Speech committing to taking forward further aspects of my Good Work plan. There is a welcome political consensus around improving working lives. The genuine challenge is making that intention a reality in our complex and changing labour market.
Julian Cox, head of employment at iLaw, a commercial law firm said:
With Brexit just around the corner there is a growing fear, whether founded or not, that future governments may undermine the rights of workers, but this commitment to the Good Work Plan seems to suggest otherwise.