Pension reforms boost for self-employed in Yeovil

MP David Laws has welcomed news that 7,462 self-employed people in Yeovil will benefit from the pension reforms being debated in the House of Commons this week.

Introduced by Liberal Democrat Pensions Minister Steve Webb, the new single tier pension will mean that self-employed people will finally be treated fairly.

In the past, self-employed people missed out on a higher state pension because they did not qualify for the second state pension, despite having paid National insurance contributions all their lives. This left them relying on a basic state pension of just £107 a week. Under the new system, anyone who has 35 years of working or caring will qualify for a decent, flat rate pension of £144 a week.
 
Carers will benefit as the reforms value unpaid caring work just as much as any other job. The reforms will also mean that men and women are treated equally for the first time. A total of 750,000 women will get an average of £9 a week extra within the first 10 years of its introduction.
 
Yeovil MP David Laws (pictured right) said: ''I am delighted that these pension reforms will work to create a fairer state pension.

''Hard-working, self-employed people have been getting a raw deal for too long, despite the incredibly valuable contribution they make to our economy.

''Now, the 7,462 self-employed people living in our area will be properly rewarded for their National Insurance contributions and will not lose out when they come to retire.''

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