People’s Partnership, one of the biggest providers of workplace pensions in the UK, has said it hopes the new Government’s promised review of pensions will create a roadmap for the industry.
The Labour Party, which has returned to Government after a 14-year absence after winning the General Election, made a manifesto promise to launch a review of the nation’s pension system if it took office.
Patrick Heath-Lay, Chief Executive of People’s Partnership, which provides The People’s Pension to more than 6.5 million people across the UK, said: “A change of government is an opportunity to think creatively, with pace, about the future of pensions in the UK. I hope that Labour’s pensions review will help revitalise the consensus that drove forward the success of automatic enrolment and create a roadmap for the future.
“It’s crucial that government and the pensions sector can work constructively to enable greater pension fund investment in priority sectors, while ensuring the interests of pensions savers are at the heart of decisions.
“It would also be welcome if there were a Pensions Schemes Bill in the King’s Speech, as there is a need for legislation on value for money and on small pots consolidation that should not wait.
“There are also ‘day one’ challenges for the new Ministerial team. The pensions dashboard programme is making progress, but Ministers must address key project documents which still require approval, and this must happen quickly if larger schemes are to connect to the dashboards’ infrastructure in April.”
Before the election, People’s Partnership issued a four point plan for fairer pensions for savers, which can be found here.
ENDS