Six key pension priorities for UK election manifestos
By Kirsten Hastings, 3 May 17
Pension scams, DB schemes and retirement support should all feature in the party manifestos the UK political parties publish ahead of the snap election on 8 June, the Pensions and Lifetime Savings Association (PLSA) has said.
The state pension, set at its current value relative to average earnings, is affordable without further increases to the state pension age.
The triple lock has been valuable in raising the relative incomes of pensioners but, if it is maintained in future, it will add around 1% of GDP to the cost of the state pension.
A simpler, fairer and more affordable uprating mechanism should be introduced, linking to earnings growth, enabling the state pension to keep pace with working age incomes, with a floor to protect against any periods when wages fall.
Indexing in line with earnings will allow the state pension to maintain its current value of around 30% of average earnings.
Tags: DB pensions | PLSA | Scams | UK Adviser
