Categorized | news

TPAS Take Action, Contractors Confused

A press release hit the major news hubs this week, in a big announcement that all contractors should take notice of. It was from TPAS.

The first reaction from our nations contractors was “who are TPAS?” Confusion won the day, on the day of the press release.

Fast forward 24 hours and it has just been clarified that TPAS actually stands for The Pensions Advisory Service, and their press release and big announcement was in relation to self employed pensions.

Something which I have talked about quite a bit right here on this blog, as regular readers will be only too aware. Well, it looks like TPAS are now following in the footsteps of us, or standing on the shoulders of giants as some people might say.

What TPAS have been trying to say in the press release, which was sent off to all the major news hubs remember, well, what they have been trying to say is that not many self employed people are saving into a pension (this includes contractors as well).

Tell us something we don’t already know. It was only a few weeks ago that I reported on the exact same subject. “You are not saving into a pension” is more or less what I said, and with that single sentence thousands of contractors immediately took notice.

Now TPAS are attempting to nudge into the centre of attention and steal some of limelight. You heard it here first though.

What the press release from TPAS goes on to say is that less than a third of our nations self employed save into any kind pension.

Many of these people plan to use their business as a way to fund their retirement according to TPAS, but this doesn’t always work out the way it should.

This has made TPAS spring into action and produce a booklet for all of you self employed people out there.

“Pension saving for the self employed” is what they imaginatively called the booklet and I’m just hoping it doesn’t come in at over 50 pages.

I’ve read some of these kind of booklets before, many came in at a whopping 100 pages, and all of them went directly into my bin.

I just hope that TPAS and their “pension saving for the self employed” is a short and concise read, that I can skim through in about 5 minutes. Any longer than that, and sorry TPAS, but your booklet is going straight into the bin.

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