Here we go again.
In its latest report, Saving Retirement: Who Is at Risk and Why?, the Society of Pension Professionals (SPP) calls on the government to extend auto-enrolment to the self-employed—those 4.3 million free spirits who, until now, have largely evaded the asset-hungry machinery of institutional pensions.
And why? Because, apparently, they are “disenfranchised.” Not, of course, by the system that extracts wealth under the guise of long-term savings. No—disenfranchised from the system. The logic is flawless: people are struggling financially, so let’s route their income through layers of fees and asset managers.
Welcome to the pension-industrial complex.
The Real Motive: Follow the Money
The SPP, for the unfamiliar, is not a grassroots movement for financial inclusion. It is a trade body representing actuaries, lawyers, trustees, consultants, fund managers, administrators, and other financial professionals whose business models depend on assets under management (AUM). The more AUM, the better the margins, bonuses, valuations, and, crucially, control.
Extending auto-enrolment to the self-employed isn’t about fixing retirement—it’s about feeding the machine. These recommendations aren’t neutral policy suggestions. They are a blueprint for capital capture.
Let’s Break Down the ‘Kind’ Proposals
- Auto-enrolment for the self-employed: Pitched as empowerment, it’s actually compulsion. Many freelancers barely meet living costs—now they’ll be nudged (or shoved) into long-term illiquid products they can’t access until 57.
- ‘Carer credits’ for unpaid workers: Sounds progressive. But what they really mean is more notional contributions into a system that ultimately routes wealth into the city, not into communities.
- Incentives for employers making 12%+ contributions: Translation—state-funded rewards for the employers of high earners, subsidising corporate pension packages already outperforming the national average.
- Uncoupling employer and employee contributions: Curious timing—just as economic instability makes people consider opting out, they now propose letting employees stop paying in while keeping the employer contribution flowing. How generous.
- Raising tax relief limits for non-taxpayers: At face value, this helps the poorest. But in reality, it disproportionately benefits wealthier households who can afford to fund pensions for non-earning spouses or children.
What’s Missing? Human Capital.
Not a word about developing human capital. No mention of empowering self-employed people to build sustainable income, access flexible financial planning, or invest in themselves.
Instead, the SPP offers the usual solution to every problem: send your money to us, lock it up for 40 years, and trust the market gods to deliver.
Let’s not confuse “retirement adequacy” with “AUM maximisation.”
The Bigger Picture
This is another example of how policymaking has become co-opted by industry stakeholders. The SPP’s report is designed to shape the revived Pensions Commission agenda in ways that entrench the current model—one that prizes accumulation over agency, intermediation over independence.
Real reform would mean:
- Tax relief on business investments made by self-employed individuals in their own skills and ventures.
- Flexible lifetime planning tools not tied to financial product sales.
- Empowerment-first financial education, so people can make informed choices—not just default ones.
But that wouldn’t generate billions in AUM. And so here we are.
Final Thought
The SPP says, “Government, industry and savers can all do more.” On that, we agree.
But let’s start by doing less of the same. Less financialisation. Less product-first thinking. Less pretending that locking up people’s income is the only path to dignity in old age.
Let’s shift the conversation—from extracting capital from workers to building capital within them.
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