Labour has set out and confirmed a number of plans to ‘reform’ the pensions market if it is to win the General Election next month.

In its manifesto published today, the party confirmed a number of plans previously hinted at, including the intention to cap pension tax relief at 20 per cent for those earning over £150,000 in order to fund a cut to university tuition fees from £9,000 to £6,000.

The party also pushed for the inclusion of ‘proper guidance’ in its reforms to avoid any further mis-selling for those wanting to drawdown their pension pots after the new pension freedoms came into effect last week.

“We will reform the pensions market so that pension providers put savers first, and protect consumers from retirement rip-offs.We support greater flexibility for those drawing down their pension pots, but there must be proper guidance for people to avoid mis-selling,” the party said in its manifesto.

Other pledged policies include scrapping winter fuel allowance for the richest five per cent of the country, as well as a guarantee of no other changes to winter fuel payments, free TV licenses or bus passes for pensioners.

Labour also repeated a promise to retain the triple lock on state pensions, so that the state pension will increase by inflation, earnings or 2.5 per cent, whichever is the highest.

The manifesto did not rule out any plans made by the party to tinker with the state retirement age, but said it would give people an adequate amount of time to prepare for any such increase.

Additonally, the party said it intends to require investment and pension fund managers to disclose how they vote on top fay in order to “improve the link between executive pay and performance”

“And we will make sure employees have a voice when executive pay is set by requiring employee representation on remuneration committees,” Labour added.

Commenting on the party’s manifesto, Hargreaves Lansdown head of pensions research Tom McPhail said there is a “clear message for pensioners, for pension investors and for the pensions industry”.

“Your pensioner benefits are safe, unless you are a wealthy pensioner; if you are a wealthy worker then it makes sense to make the most of the pension tax breaks currently available while you still can; and the pensions industry is on notice that it better be giving investors a fair deal,” he added.

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