General election 2024: What do the parties’ manifestos say about pensions?
General election 2024: What do the parties’ manifestos say about pensions?
19 Jun 2024
What you need to know
- As part of the run-up to the general election to be held on 4 July 2024, the various political parties have published their manifestos.
- The Conservatives have confirmed their intention to implement the Mansion House reforms, whilst Labour plans a review of the pensions landscape to consider how to increase investment in UK markets.
- Whilst Labour and the Liberal Democrats have pledged to maintain the state pension triple lock, the Conservatives have gone one step further with the ‘Triple Lock Plus’. The Green party is the only party so far to say it would replace the triple lock with a double lock linked to earnings and inflation. It would also reduce pensions tax relief to the basic rate of income tax for all.
- Labour’s manifesto has no plans to reintroduce the lifetime allowance, which would appear to confirm earlier reports in the press that the party had dropped such plans if elected.
- Meanwhile, the Liberal Democrats are concentrating on improving social care, including making sure working-age carers can properly save for retirement.