The outcome of the 2019 general election has the potential to radically impact the nature of the UK’s relationship with the EU and our other trading partners, the shape of the UK economy and the composition of the United Kingdom. At a macro level all of these issues will inevitably impact pension schemes, sponsors and savers.
However, at a more micro level, the party manifestos also contain some important pension policy pledges which would also impact schemes, sponsors and savers and the Government’s future spending commitments. Headline policy pledges include:
- a commitment by the Conservatives, Labour, the Liberal Democrats and the SNP to retain the triple lock on the basic state pension
- a commitment from Labour and the SNP to freeze state pension age at age 66
- a commitment by the Conservatives to reintroduce the Pension Schemes Bill (including the new criminal offences and regulatory powers relating to failures in relation to DB schemes)
- a commitment by Labour, the Liberal Democrats and the SNP to support WASPI women
- a commitment by Labour and the SNP to extent auto-enrolment to the self-employed and, in the case of the SNP, the low paid (with the Liberal Democrats saying they will carry out a review), and
- a commitment from Labour and the SNP to establish an Independent Pension Commission (albeit for different and relatively limited purposes).
To find out more about how the three UK-wide parties and the SNP’s pension policies compare check out our quick reference guide to the parties’ pension manifesto pledges: