Labour breaks silence on new pension rules and future of Triple Lock

The Labour manifesto has promised a huge pensions overhaul as it confirms triple lock will remain for pensioners. OAPs have been assured by Sir Keir Starmer and his Labour Party that the Triple Lock pledge will stay.

In its manifesto, Labour said: "Our system of state, private and workplace pensions provides the basis for security in retirement. Labour will retain the triple lock for the state pension." Its manifesto said: "We will also undertake a review of the pensions landscape to consider what further steps are needed to improve pension outcomes and increase investment in UK markets."

David Lane, chief executive of TPT Retirement Solutions, said: "Labour’s plan to review workplace pensions will be welcomed by voters and the pension industry. Our research found nearly nine in ten (88%) working people want the next government to do more to help people save for retirement, as 57% are worried they are not saving enough in their pension.

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"The party’s commitment to retaining the triple lock will prove popular with older votes, as 63% of those aged 55 or older want it to be maintained.” Tom McPhail, director of public affairs at consultants The Lang Cat, added that while the commitment to reform pensions is good news for consumers, the pensions industry will have to face new demands.

"On the other side of the election, whoever wins, demands will be placed on pension schemes and their investment strategies to adapt to meet the political agenda. The industry should prepare for some robust conversations ahead on how fiduciary duty is defined and interpreted."

Jon Greer, head of retirement policy at wealth manager Quilter, said in a statement: “Labour has unsurprisingly pledged to uphold the triple lock in its manifesto. While sensible in terms of winning votes the continuation of the triple lock is fraught with problems.”