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Industry Insights
July 9, 2024

Pensions industry sets out wish-list for new Labour government

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Wealth of Advice
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The pensions industry is urging the new Labour government to provide further detail on the scope of its promised pensions review, and to push ahead with a number of ongoing pension reforms.

The Pensions and Lifetime Savings Association (PLSA) has identified five key areas for pensions reform for the next government to enact in its first 100 days to better secure the financial futures of millions of savers currently saving towards retirement.

In particular, the PLSA urged the incoming government to support adequate pension savings; help savers navigate choices at retirement; support well-run defined benefit (DB) schemes, bridge the pensions ad growth gap, and support the Local Government Pension Scheme (LGPS).

Labour’s promised pensions review is a key area that the industry is watching out for, with Eversheds Sutherland’s head of pensions, Jeremy Goodwin, highlighting the review as an “important opportunity to take stock of where we are and to develop a long-term vision for the UK pension system”.

This was echoed by People’s Partnership chief executive Patrick Heath-Lay, who suggested that the change of government is an “opportunity to think creatively, with pace, about the future of pensions in the UK”.

“I hope that Labour’s pensions review will help revitalise the consensus that drove forward the success of automatic enrolment and create a roadmap for the future,” he continued.

“It’s crucial that government and the pensions sector can work constructively to enable greater pension fund investment in priority sectors, while ensuring the interests of pensions savers are at the heart of decisions."

Broader calls for change are already emerging, as Aegon’s pensions director, Steven Cameron, urged the new government to set up an independent Pensions and Savings Commission within its first 100 days of office.

He stated: “With pensions being such an important long-term savings vehicle for millions, changes shouldn’t be rushed. And however ‘super’ the Labour majority, cross-party support can offer stability and certainty.

"We need a well-thought-through, logically sequenced reform agenda, and the pensions industry stands ready to support this.”

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