All political parties should make a formal commitment to the recommendations included in the Cridland independent state pension age review, Mercer has said.

Mercer has stated that all political parties should support those having to work longer and has noted that the failure to address the effects of increasing the state pension age will have a damaging impact on individuals’ lives, businesses and the national health and social care systems.

The review has recommended increasing the state pension age from 67 to 68 between 2037 and 2039, and the need for the government to support people to plan for longer working lives and longer retirements. It also indicated that a large number of those approaching the state pension age have care duties and are likely to be considerably affected by changes in the pensionable age.

The Cridland review also supports the importance of helping individuals to secure a comfortable retirement and minimise their financial dependence on the state. “A national mid-life MOT programme, as proposed in the Cridland review, should be seen as an integral part of the support provided to those over 50,” Mercer said.

Mercer’s UK leader of health and benefits business Tony Wood, said: “Looking beyond Brexit, the Cridland review goes to the heart of many of the core issues raised in the current election campaign, including supporting the population with work and care. However there appears to be a distinct lack of commitment to the recommendations. People need to plan well in advance, to be able to make the most of living and working longer, and it is imperative that all the recommendations of this review are addressed by those forming our new Government and not kicked into the long grass.”

Furthermore, Hargreaves Lansdown has also set a manifesto including the key pensions and savings priorities for the next government.

Hargreaves Lansdown head of policy Tom McPhail said: “The next government should set a clear priority to encourage saving and investing for the whole population. It should put a stop to piecemeal policy-making and the salami-slicing of allowances; instead it should create a coherent, joined-up set of policies, with the goal of helping everyone to make more of their money, to invest for their future with confidence and to build a financially secure retirement.”

The firm has called for reform of pension tax relief to create more incentives for saving – including a reconsideration of tax relief, the Annual Allowance Taper, the Money Purchase Annual Allowance and the Lifetime Allowance for defined contribution investors, the extension of the benefits of auto-enrolment to low-earners and the self-employed, as well as the simplification of ISA regimes and a greater obligation for teaching financial education in schools.

It was also proposed that investors shouldn’t be forced to change pensions when they change jobs and the introduction of legislation to make the pension dashboard mandatory, among other financial regulations.

McPhail added: “On pension taxation in particular, we believe there is a once-in-a-generation opportunity to address some of the inequities of the current system and to create a balanced structure of allowances, incentives and rewards which would work for the whole population. Increasing numbers of investors feel government policy punishes those who want to do the right thing and provide for their future and that can’t be right.”

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