The leaked draft of Labour's general election manifesto includes a raft of pension proposals, including plans to amend the Takeover Code to protect pensioners and a pledge to enable the development of large efficient pensions funds. Read the proposals in full here…
The text of the draft manifesto - which was leaked to a number national newspapers and broadcasters - was also published in full via the Guido Fawkes website.
The specific pension pledges are as follows:
Labour will amend the takeover regime to ensure that businesses identified as being 'systemically important' are protected from hostile takeovers, and ensure that when a company is bought there is a clear plan in place to protect workers and pensioners
The UK is the world's oldest nuclear industry, and nuclear will continue to be part of the UK energy supply. We will support further nuclear projects and protect nuclear workers' jobs and pensions
Amend the takeover code to ensure every takeover proposal has a clear plan in place to protect workers and pensioners - because workers shouldn't suffer when a company is sold
In a section of the draft manifesto entitled Dignity for Pensioners, Labour said it would "always be on the side of pensioners and help ensure security and dignity for older people in retirement".
As the Conservatives abandon their commitments to older people, Labour will guarantee the state pension "triple lock" throughout the next Parliament. It will rise by at least 2.5% a year or be increased to keep pace with inflation or earnings, whichever is higher. The winter fuel allowance and free bus passes will also be guaranteed as universal benefits.
We will protect the pensions of UK citizens living overseas in the EU or further afield.
Women born in the 1950s have had their state pension age changed without fair notification. These women deserve both recognition for the injustice they have suffered and some kind of compensation for their losses. We will extend pension credit to 1950s-born WASPI women who saw their pension age quietly pushed back leaving many of them in poverty. This must never happen again. So Labour will legislate so that accrued rights to the basic state pension cannot be changed, but future benefits can. Pension age is due to rise to 66 by the end of 2020.
Labour rejects the Conservatives' proposal to increase the state pension age even further, and will commission a new review of the pension age, specifically tasked with developing a flexible retirement policy to reflect both the contributions made by people, the wide variations in life expectancy, and the different nature of working lives.
We'll restore confidence in the workplace pension system and put people rather than profit at its centre. Labour will end rip off hidden fees and charges and enable the development of large efficient pensions funds which will mean more cash for scheme members and lower costs for employers.
A Labour government will commit to an immediate review of mineworkers pension scheme and British Coal superannuation scheme surplus sharing arrangements between government and scheme beneficiaries.
We will consider proposals to re-introduce a national pay structure for dedicated local government staff, and give members of the Local Government Pension Scheme full trustee status to help control investments and reduce fees and charges.
In addition to these specific manifesto pledges, Labour has also set out plans to partially or fully renationalise the energy and rail industries as well as Royal Mail.
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