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Almost a third (30 per cent) of UK adults want greater long-term clarity around the state pension and the triple lock to be prioritised in new Labour government policies, although there is a generational "clash" in terms of key priorities, research from Aegon has found.
The research, conducted by Opinium for Aegon UK, revealed a ‘generational gap’ in terms of what policies people wanted from the new government to help plan their financial futures, with those over 50 placing top priority on state pension clarity.
In particular, Aegon found that 45 per cent of those over 60 saw long-term clarity around the state pension and the triple lock as a priority, compared to 26 per cent of those in their 50s and 21 per cent of those under 50.
Additionally, 24 per cent of those surveyed said they wanted to see the new Labour government prioritise raising the personal allowance for state pensioners, in line with the Conservative's triple lock plus proposal.
Aegon highlighted this as reflection of ongoing concerns that even those with no income above the new state pension could face an income tax bill in the next two or three years due to projected state pension increases surpassing the frozen personal allowance threshold.
However, the research found support for this priority followed a similar age pattern, with 45 per cent of those over 60 in favour, versus 17 per cent of those in their 50s and 12 per cent of those under 50.
Instead of pension policies, the research found that the top priority for the under-50s group (29 per cent) was ‘new initiatives to help me / younger generations get on the property ladder’.
Given this divide, Aegon’s pensions director, Steven Cameron, highlighted the research as demonstration that the new Labour government face a "tricky balancing act in meeting financial priority expectations of different generations of people across the UK".
“It’s clear the over-60s have very different priorities for the new government compared to the under-50s’ wish list," he continued.
“While the incoming government has announced a Pension Schemes Bill and a pensions review, neither focusses on the state pension.”
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