Lily Megson, Policy Director at My Pension Expert, said: “The outcome of Thursday’s election must bring an end to the instability in the pensions sector, starting with the appointment of a long-term pensions minister. The merry-go-round of pension ministers over the past decade has muddied the waters, making it increasingly challenging for the UK to maintain clarity around long-term pension policy.
“After years of turbulence, Britons need consistent and sustainable government policies—both on pensions and the economy. Once the election result is known, a new minister must come with a clear action plan to tackle the most pressing issues, including alleviating concerns around the triple lock’s affordability, reforming workplace pension schemes, and improving access to advice for those approaching and in retirement. Indeed, the beginning of a new parliament provides an opportunity to stand back and ask some important questions about the UK pension system as a whole.
“People need stability and transparency to effectively plan for their futures. The new government has a significant opportunity to restore confidence and provide the direction needed to help people achieve financial security in retirement. This election must be a leap towards decisive action and a clear, long-term strategy in the pensions sector.”
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