Labour Party manifesto pledges pension review and climate action

Review will consider steps needed to improve outcomes and boost productive investment

Martin Richmond
clock • 1 min read
The Labour Party's 2024 manifesto was launched by Keir Starmer today (13 June)
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The Labour Party's 2024 manifesto was launched by Keir Starmer today (13 June)

The Labour Party has published its manifesto – pledging to undertake a review of the pensions landscape in a bid to consider what further steps are needed to improve outcomes and increase investment in UK markets.

The manifesto – titled, Change – was unveiled earlier today (13 June) at an event in Manchester by Labour leader Sir Keir Starmer.

It said the party would undertake a review of the pensions landscape to consider the "further steps" needed to improve member outcomes and increase the level of investments in UK.

The party also said its planned review for the pensions landscape, which it first announced in January, would consider the further steps which are needed to "improve security" in retirement.

Labour's manifesto also announced it would adopt reforms to ensure workplace schemes can "take advantage" of consolidation and scale in order to deliver "better returns" for savers and increase productive investment in UK companies.

And it said it would make the UK the "green finance capital of the world", mandating all UK financial institutions – including pension funds, asset managers, insurers and banks – to develop and implement "credible transition plans" which are aligned with the 1.5°C goal of the Paris Agreement.

Labour also pledged to retain the triple lock for the state pension – noting that the system of state, private and workplace pensions provided the "basis for security" in retirement.

The party also said it would "end the injustice" of the Mineworkers' Pension Scheme and would review the "unfair surplus arrangements" and transfer the investment reserve fund back to the members of the scheme" so that the "mineworkers who powered our country receive a fairer pension".

Read more: 

Conservative manifesto unveils pensions tax pledge

Lib Dems set out pension policy commitments in manifesto

Green party sets out manifesto commitments

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