PensionBee responds to the 2024 General Election result

Ffion White

by , PR Manager

05 July 2024 /  

05
July 2024

The houses of parliament viewed across the river Thames

Becky O’Connor, Director of Public Affairs at PensionBee, commented:Today, we welcome a new government, and as they take office, we anticipate significant advancements in several key areas of pension policy.

Labour’s commitment to a comprehensive review of the pensions and retirement savings system is promising and could provide a real benefit to millions of pension savers. A persistent barrier to pension engagement has been slow transfer times, with Origo’s recent Pension Transfer Index revealing a concerning 17% rise in transfer times over the last three years. We urge the new government to address this issue promptly.

Although not explicitly highlighted in Labour’s manifesto, the new government should address the ‘pot for life’ solution to tackle the pressing issue of lost pension pots in the UK. With over £50 billion at risk of being forgotten in old pensions, immediate action is essential for better retirement outcomes for consumers.

We also hope the Labour government will advance plans to extend Auto-Enrolment by removing the lower earnings limit for contributions and lowering the enrolment age to 18. Early contributions are invaluable due to the benefits of compounding growth, and such measures will significantly strengthen the future financial security of the UK workforce.”

Finally, we seek detailed insights on how the Mansion House reforms will align with the UK’s economic growth strategies while ensuring favourable returns for pension savers. Clarification is needed on how exposure to UK growth opportunities will be tailored to the proximity of savers to retirement, particularly as older savers tend to invest in lower-risk assets to safeguard against market volatility and potential downturns.”

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