The manifesto promised to carry out a pensions review to “consider what further steps are needed to improve security in retirement, as well as to increase productive investment in the UK economy.”

Labour also included promises to try increase investment from pension funds into UK markets.

The manifesto said: “We will adopt reforms to ensure that workplace pension schemes take advantage of consolidation and scale, to deliver better returns for UK savers and greater productive investment for UK PLC.

"We will also undertake a review of the pensions landscape to consider what further steps are needed to improve pension outcomes and increase investment in UK markets.”

Labour Party leader Sir Keir Starmer said that his party’s plan is not about redistribution, but a change in the way wealth is created in the UK. He said: “The way create wealth in this country is broken.”

However, there was no confirmation from the Labour manifesto that it would not raise Capital Gains tax, despite both Mr Starmer and Shadow Chancellor Rachel Reeves saying in recent interviews that they have no plans to raise the tax.

The manifesto pointed to a bigger net increase in tax than that of the Conservatives, despite its pledges not to raise personal tax rates.

It includes a plan to raise £8bn through VAT on private school fees and via a windfall tax on oil and gas providers.

Mr Starmer added that his party would make “hard choices” if elected but will not raise income tax, National Insurance, or VAT.