Election manifestos 'could offer pensioners stability'

The snap general election has opened up a great deal of uncertainty over pensions policy, but the manifestos of the various parties and the policy of the government when it is over could help resolve them, pensions firm Aegon has said.

Pensions Director Stephen Cameron said Brexit might dominate matters, but manifestos could "reopen other contentious issues including pensions, savings, taxation and the changing nature of employment. This could include the future of the state pension triple lock, which had looked safe until 2020." While not necessarily vote-winners, he added, by setting out clarity on tax and pensions, "the opportunity exists for all parties to set out their stall on these key issues, creating much needed longer term stability".

The issue of the triple lock may be particularly contentious, as there have been calls from senior figures in both main parties for it to be scrapped, including former Conservative Work and Pensions secretary Iain Duncan Smith and Chair of the House of Commons Work and Pensions Committee, Labour MP Frank Field. Shadow Chancellor John McDonnell did recently commit Labour to maintaining the triple lock until at least 2025.