Following the 2024 General Election in July, the Labour Party has outlined several key proposals regarding pensions.
Their manifesto confirms a commitment to the State Pension triple lock, ensuring that pensions continue to rise in line with inflation, wages, or by 2.5%, whichever is highest. Labour also plans a wide-ranging review of pensions, aimed at improving outcomes for savers and encouraging consolidation in the workplace pension market to enhance efficiencies and returns.
Additionally, Labour intends to promote green and productive finance, encouraging pension funds to invest in long-term infrastructure projects aligned with the UK’s net-zero goals. This approach aims to boost the UK economy while addressing climate change.
As for the Lifetime Allowance (LTA), Labour has decided not to reinstate it, despite earlier suggestions from the then Shadow Chancellor, Rachel Reeves, that it would do so.
The Trustees and Scheme advisors are reviewing the details of the recent Autumn 2024 Budget to understand how they may affect members and the overall Scheme.