A snap general election is looming, with Theresa May's announcement in April sending party headquarters into overdrive as they scrambled to piece together manifestos. Here is what we know so far…
Pension policies are now starting to trickle out, with varying consequences for the state pension, tax relief, corporate takeovers, and investments.
Here's the definitive list of the policies we know so far:
- Expanded powers for The Pensions Regulator and pension scheme to block mergers and acquisitions involving a pension scheme in certain circumstances
- Make it a criminal offence for a company board to deliberately or recklessly put a scheme at risk, and allow TPR to issue "punitive fines" where this is the case
- Allow TPR to disqualify company directors
- Amend the takeover regime and "require bidders to be clear about their intentions from the outset of the bid process"
- Ditch the triple lock in 2020, in favour of a double lock using just earnings and inflation
- Increase the state pension age in line with life expectancy
- Expand auto-enrolment to the self-employed
- Introduce sovereign wealth funds and "encourage pension funds" to join them
- Promote long-term savings products and pension products, including the Lifetime ISA
- Amend the takeover regime for "systemically important" businesses to ensure a clear plan to protect pensions
- State pension: Retain the triple lock until at least 2025; compensate WASPI women with pension credit; unfreeze annual increases for British expats; scrap state pension age increase to 67 and launch a new review
- End "rip off" hidden fees and charges
- Enable scheme consolidation into "large efficient pension funds"
- Review surplus-sharing arrangements for the mineworkers' pension scheme and British Coal superannuation scheme
- Give Local Government Pension Scheme members full trustee status
- Establish a review to consider introducing a single rate of pensions tax relief, set at higher than the 20% basic rate
- "Abolish remaining marriage inequalities in pensions", potentially improving rights to survivor benefits for same-sex couples
- Retain the state pension triple lock until the end of the next parliament
- Increase the national insurance threshold to the same level as the income tax threshold "in the long term and as resources allow", while protecting pension and benefits accrual
- State pension: retain the triple lock, and oppose increases in the state pension age.
- Review the surplus-sharing arrangement for the mineworkers' pension scheme
- A ‘living pension' for all
- "Redress pension injustice" to create a pensions system "for everyone"
- No policies yet announced
(Last updated: 22 May, 12:15pm)
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