23 May 2024
Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings share their thoughts on the upcoming general election.
Helen Ball, Partner at Sackers commented: “Aims to ensure greater consolidation across pension and retirement saving schemes, together with a focus on value for members, suggest that there is some common ground between the main political parties. However, the Labour Party has said it will be championing financial inclusion to ensure everyone has access to affordable products and services. It has also made important references to the implications of AI along with forward-looking cross-regulatory coordination. There’s also an interesting “ask” for the Pensions Regulator to give “explicit guidance” on fund and strategy suitability – not something that we have seen before.
With the 4 July date taking many in the pensions industry by surprise, one of the big questions surrounds the fate of the recently reformed pensions tax system, as well as many other outstanding proposals, including the Chancellor’s Mansion House reforms. It is currently unclear just how many of them will survive the forming of a new government, and we await sight of the official manifestos with interest…”
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