Comments on Labour's pensions plans

31 Jan 2024

Commenting on Labour's pensions plans released today, Laura McLaren, Head of DB Actuarial Consulting, Hymans Robertson, said:

“Labour’s Plan for Financial Services paper, published today, raises familiar themes such as pension investment in UK Business and consolidation. It is good to see a commitment for the Party to undertake an in-government pensions and retirement savings review if elected at the next general election, focusing on improving outcomes for the many millions of pension scheme members. Now more than ever a cross-party consensus and roadmap would be welcome to ensure the industry is well positioned for the long term. There’s a significant opportunity here for the government – whoever that is – to take steps towards forging a better saving and investment environment aligned with wider societal aims."

Commenting on Labour’s proposals for the LGPS, Iain Campbell, Senior Investment Consultant, Hymans Robertson, said:

“While much more detail is needed on Labour’s full plans for the LGPS, it is clear that the general plans for the growth and acceleration of pooling and the LGPS’s role in investing in the UK will be continued if there is a change of government in the next general election. As ever, our focus will remain on helping our clients with any changes and new requirements placed on their funds, to make sure they can continue to deliver on the purpose of their funds - paying pensions and keeping contribution rates stable and affordable for employers.”

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