1. Take a long term view
“The reforms that came out of the Turner Commission worked because they took a long-term view with cross-party support, rather than winging it budget-to-budget. Unfortunately we have seen signs of a return to this political behaviour recently. We would like to see a majority government take steps to work for quality pensions for the generations to follow, including joined-up thinking between the Treasury and DWP, and between the Pensions Regulator and the Financial Conduct Authority.”
2. Stability in tax relief
“The government’s willingness to tinker with tax relief is beginning to seriously undermine peoples’ ability to plan for their retirement. At a time when we are all being told we need to save more for retirement, the threat of changes to the tax relief on pension contributions risk giving a mixed message.”
3. Review of automatic enrolment contributions
“It will be interesting to see how the new government takes automatic enrolment forward. Steve Webb worked tirelessly to make the policy a success and the new Pensions Minister will inherit a set-up that, at its core, works. However, the minimum contributions to automatic enrolment schemes are unlikely to provide a comfortable income in retirement and Mr Webb has previously suggested that the next government should consider how to increase contributions to automatic enrolment qualifying schemes. While we would welcome the government encouraging members to contribute more, for employers, stability is key. We would caution against increasing employers’ minimum contributions while businesses are still recovering from the recession.”
4. A strong economy
“The cornerstone of Cameron’s campaign has been that the economy would do better under a Conservative government than any other. It’s now up to him to prove it. Employers and pension schemes are struggling in the current challenging conditions. While many are finding ways to cope, a strong economy which boosts asset returns will go a long way to helping those who provide good quality defined benefit schemes – and the rapidly increasing number of individuals saving in defined contribution schemes.”
5. Support recent pension reforms
“The pension flexibilities are proving popular for members of defined contribution schemes and, as a Conservative-led policy, I am sure the government will want to see them succeed. At a time when people will have more options than ever before it is vital that they are able to make informed decisions about their retirement savings. The current framework may need to be bolstered significantly to ensure this happens
|
