Politicians urged to act on pensions after election
Politicians have been urged to provide pension clarity quickly after Thursday’s election by appointing a long-term Pensions Minister and publishing a clear action plan for tackling issues affecting pension planners.
Lily Megson, policy director at My Pension Expert, said swift action was needed.
She said: “The outcome of Thursday’s election must bring an end to the instability in the pensions sector, starting with the appointment of a long-term Pensions Minister.
“The merry-go-round of pension ministers over the past decade has muddied the waters, making it increasingly challenging for the UK to maintain clarity around long-term pension policy.”
She said Britons needed consistent and sustainable government policies both on pensions and the economy after years of confusing turbulence.
Ms Megson said: “Once the election result is known, a new minister must come with a clear action plan to tackle the most pressing issues, including alleviating concerns around the Triple Lock’s affordability, reforming workplace pension schemes, and improving access to advice for those approaching and in retirement.
“Indeed, the beginning of a new parliament provides an opportunity to stand back and ask some important questions about the UK pension system as a whole.”
She said the new government has an opportunity to restore confidence and provide the direction needed to help people achieve financial security in retirement.
Ms Megson added: “This election must be a leap towards decisive action and a clear, long-term strategy in the pensions sector.”
Pensions are key to the election, according Steven Cameron, pensions director at Aegon. “The ‘grey vote’ holds significant importance,” he said.
He was speaking after the release of the Conservative manifesto, which confirmed a range of key pension measures. It reaffirmed the Tories’ commitment to retain the state pension Triple Lock for a further five years, offering state pensioners a guarantee of increases equal to the highest of price inflation, earnings growth or 2.5%
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