Half of UK entrepreneurs have no pension plan
Alarming statistic revealed by Kingston Smith research
More than half of UK entrepreneurs have no pensions in place raising concerns
that they are not planning for their financial future, research by mid-tier firm
Kingston Smith has found.
The firm also found that 93% of entrepreneurs have not reviewed their
personal finances since the 6 April pension changes.
Kingston Smith partner, Andrew Shaw, said the fact that the majority of
entrepreneurs do not have a pension was ‘alarming, as is the lack of regular
attention they give to their finances’.
He advised entrepreneurs to build up a diverse range of investments in their
portfolio or increase the risk that they would not have sufficient resources ‘to
live the life they want to after they exit their current business’.
The firm offered the following advice for entrepreneurs on planning their
personal finances:
• Plan for the short and long term, and create a future nest egg which will
pay out regardless of how your business performs.
• Don’t assume your business will be your pension. Be realistic about how
much your business is worth and whether it is saleable.
• Treat wealth planning as seriously as business planning.
• Seek specialist advice on how to structure your finances.