21 November 2019

Labour’s ambitious pension plans will weigh heavily on the public purse

4 min read

 
Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

Share

Commenting on The Labour Party manifesto, Helen Morrissey, pension specialist at Royal London, said:

“Labour has issued an ambitious series of pension commitments in its manifesto. Some such as the pledge to improve access to pensions for those on low incomes and the self-employed should be congratulated as should the pledge to establish an independent Pension Commission to plot a way forward for increased minimum pension contributions. However, others, such as the pledge to leave the State Pension Age at 66 and to compensate the 1950s women are likely to cost many billions of pounds and with no money set aside to meet these commitments it will be difficult to see how they can be funded.  In addition, paying state pensions at a different age based on doing heavy jobs would be extremely difficult to implement in practice as there are no records of what job people were doing, and defining what counts and does not count as heavy work would be very difficult in practice.”

Notes to Editors

The Labour Party manifesto can be found here.

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees. Figures quoted are as at June 2019.