The importance of manifesto pledges on pensions
This year’s election marks the seventh time I have been able to cast my vote at a general election but I can honestly say it is the one I am looking forward to least. I can hardly wait until it is all over.
I know this sounds cynical but, as is the case with much of the electorate at the moment, I don't have a huge amount of faith in our MPs, which is a shame as many of them do a fantastic job.
Yet, whatever the colour of the party that forms the next parliament - be it blue, red, yellow, green or rainbow - the next government will have to address some key issues around pensions.
With regards to manifesto pledges on pensions, however, there hasn't been a huge amount of detail on occupational pensions from any of the main parties.
The Conservatives plan to reintroduce the pension schemes bill, will raise the National Insurance threshold, and have committed to reviewing both the tapered annual allowance for NHS workers and the issues surrounding net-pay schemes.
Among other things, the Labour manifesto pledged to stop people being enrolled into rip-off schemes and expand access to AE for low-income and self-employed workers as well as reviewing tax and pension changes made by the Conservatives. It also said it would establish an independent pensions commission to recommend target levels for workplace pensions.
The Liberal Democrats said they would review rules around pensions so those in the gig economy do not lose out. The party also said it would encourage green investment and address continuing inequalities in pensions law for same sex couples.
Former pensions minister Sir Steve Webb says we should be grateful most of the pensions talk in this election has been confined to the state pension - noting things like the debate over solvency standards for defined benefit schemes would not necessarily be enhanced by becoming an election issue.
I agree. But, while I don't think anyone wants these sort of issues splashed all over a battle bus, there are lots of issues to address nonetheless. The concern is that, if pensions don't get much of a mention in the manifestos, they may not get much attention after the election either.
Jonathan Stapleton is editor of Professional Pensions
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