PLSA urges incoming government to improve pension outcomes

The Pensions and Lifetime Savings Association (PLSA) has urged the next government to help everyone reach a better income in retirement, emphasising that pensions cannot be allowed to become a back-burner issue.

Ahead of the 12 December election, PLSA have published a policy manifesto emphasising the vital role of workplace pensions in the UK economy and outlining their proposals for campaigning parties.

The group has proposed four ways for the incoming government to promote better retirement outcomes for UK savers, focusing on adequate contributions, engagement, and proposals from the 2018 Defined Benefit White Paper.

Calling for further increases to automatic enrolment contributions, the group has proposed these be raised to 12 per cent of salary by 2030, broken down into a 50-50 split between employer and employee.

The manifesto argues for better member engagement, outlining plans for further support for the development of the pensions dashboard, as well as campaigning for the inclusion of the state pension to ensure savers have a full picture of their potential retirement income.

Commenting on the number of high-profile cases such as Carillion and BHS which have damaged public trust in pensions, the PLSA have called for any incoming government to also carry forward the proposals outlined in the government’s 2018 Defined Benefit White Paper.

This includes legislation to introduce further powers for The Pensions Regulator, and for DB consolidation and superfunds.

PLSA director of policy and research, Nigel Peaple, said that “The Pension Schemes Bill must be reintroduced as soon as practicably possible. After that, and with the retirements of millions of people hanging in the balance, the next government cannot allow pensions to become a back-burner issue.

“Ensuring adequate contributions, fostering effective engagement and allowing well-run schemes to operate at appropriate scale provides the blueprint for making the greatest difference to the greatest number of savers.

“Together with the pensions industry, the government must seize this enormous opportunity to help more people achieve a better income in retirement.”

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