Labour has formally unveiled its general election manifesto - confirming pledges to amend the Takeover Code to protect pensioners, protect the triple-lock and give those overseeing the LGPS full trustee status.
The specific pension pledges were as follows:
Labour will amend the takeover regime to ensure that businesses identified as being "systemically important" have a clear plan in place to protect workers and pensioners when a company is taken over.
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 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.
Over 2.5 million 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. Alongside our commitment to extend Pension Credit to hundreds of thousands of the most vulnerable women, Labour is exploring options for further transitional protections, to ensure that all these women have security and dignity in older age. This must never happen again. Labour will legislate so that accrued rights to the basic state pension cannot be changed, but future benefits can. The 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. We 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 arduous conditions of some work.
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 the mineworkers' pension scheme and British Coal superannuation scheme surplus, sharing arrangements between government and scheme beneficiaries.
We will give members of the Local Government Pension Scheme full trustee status to help control investments, and reduce fees and charges
Labour has also said it would renationalise Royal Mail, the railways, and water, likely bringing their various defined benefit schemes back into public hands, prompting questions on how it would deal with the previous or planned closure of these schemes.
Labour's policies could also see investment costs increased with plans to extend stamp duty reserve tax to derivatives, potentially raising £5.6bn for the Exchequer, as well as a new Financial Transactions Tax.
Industry pundits said Labour plans to reduce the threshold for paying 45p tax from £150,000 to £80,000 would also have a significant impact.
AJ Bell senior analyst Tom Selby believed the potential impact on pensions would depend on what changes, if any, a Labour administration would make to the annual allowance taper thresholds.
Selby said: "A perverse knock-on impact of this pledge is that the cost of pension tax relief provided to higher earners would rocket as under the current system it is granted at your marginal rate of income tax," he said. "This presumably is not the intention of the policy, and so it would be no surprise to see a Labour Government take the axe to pension tax incentives."
Hargreaves Lansdown also believed plans to reduce the 45p tax threshold could have an impact on the annual allowance taper.
Plaid Cymru also launched its manifesto today - also pledging to review the surplus-sharing arrangements between the government and scheme beneficiaries in the mineworkers' pension scheme. Like Labour, the Welsh nationalist party also said it would retain the state pension triple lock, and stop any further increases in the state pension age.
The Conservative Party and the Liberal Democrats are set to launch their manifestos later this week.
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