As the race to Number 10 heats up, the main parties have published their manifestos. Having given you a taster of prospective pensions policy in the March edition of our Pensions Newsletter, we have analysed each manifesto to give you an idea of what the electorate is being promised in respect of their pensions in the next five years.
Following Steve Webb’s fundamental changes to the pensions landscape, the manifestos point towards the next parliament being one of continuity for pensions policy, with the main parties supporting the pensions flexibilities introduced on 6 April 2015 while committing in varying degrees to the ongoing scrutiny of pension charges.
One of the key themes to emerge is the continuing withdrawal of tax relief on pension contributions for high earners. This is supported both by the Conservatives and Labour, as a means of funding policies in other areas. Other themes include the retention of the “triple-lock” on state pension increases, with the Liberal Democrats going furthest by promising legislation to make this permanent.
With a hung parliament being forecast by many, it is not currently possible to predict who will be in power once the polling stations have closed on May 7th. We will be monitoring the outcome of the election and what it may mean for pensions, providing you with an update in our next Pensions Newsletter.
For more information on each party’s pensions manifesto promises, visit our election manifesto tracker.