My Pension Expert commissioned an independent survey of 2,000 UK, asking all those with a pension to select their top three most desired pension-related policies from a list of ten (full results below). It found that ‘committing to the triple lock’ was the most popular, with 36% of people putting this in their top three picks.
Second was ‘outlining measures to protect UK pension schemes from economic volatility’ (23% had this in their top three).
Joint third were ‘increasing the amount you can contribute to your pension pot each year while still receiving tax benefits from doing so’ and ‘making new legislation to make it quicker and easier to transfer pensions between providers’. Both were selected by 20% of respondents.
My Pension Expert’s own analysis of 3,953 pension transfers that it managed on behalf of clients during the 2022/23 financial year revealed that, on average, it took 29 days for ceding companies to move the money.
After these ‘implementing reforms to increase transparency around pension regulations’ (19%) and
‘fast-tracking the implementation of the government’s pension dashboard’ (18%) were the next most popular policies picked.
Lily Megson, Policy Director at My Pension Expert, said: “With the party conferences just around the corner, we can expect to hear a lot of bold rhetoric from politicians. But our research underlines that what Britons really want right now is certainty and clarity – from a financial perspective, they need to know the lay of the land if they are to plan effectively for the future.
“It’s certainly telling that the two most popular reforms on the list are committing to the triple lock and protecting pension schemes during times of economic volatility. The cost-of-living crisis has made preparing for retirement more challenging, meaning people will be actively seeking concrete policies aimed at providing support to those approaching or in retirement.
“Indeed, as a general election comes onto the horizon, now is the time for clearer long-term strategies for pension policy. Governments need to look to the future and begin working with regulators and the private sector to develop meaningful policies that provide ongoing support for pension planners, whether that is through better education and access to financial advice, or fast-tracking the long-awaited pension dashboard and fully committing to the triple lock.”
Here is the list in full:
1. Committing to the state pension triple lock (36% of respondents put this in their top three favoured pension policies or reforms)
2. Outlining measures to protect UK pension schemes from economic volatility (23%)
3. Increasing the amount you can contribute to your pension pot each year while still receiving tax benefits from doing so (20%)
4. New legislation to make it quicker and easier to transfer pensions between providers (20%)
5. Implementing reforms to increase transparency around pension regulations (19%)
6. Fast-tracking the implementation of the government’s pension dashboard (18%)
7. Scrapping the 45% rate of income tax (17%)
8. Increasing the threshold for the 40% rate of income tax from £50,270 (17%)
9. Improving access to independent financial advice (16%)
10. Investing pension funds in higher-risk assets to improve returns and fuel economic growth (9%)
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