Nearly nine in 10 voters want the next government to conduct a pension and savings review, as outlined in Labour’s manifesto, says PensionBee.
According to a recent survey by the online pension provider, 87% of consumers would like a review to take place, with support for this policy particularly strong (92%) among those aged 35 to 44.
Maintaining the abolition of the Lifetime Allowance was favoured by 61% of consumers, with 37% believing it encourages saving for the future and 24% noting that any changes would directly impact their retirement planning.
Meanwhile, the ‘Triple Lock Plus’ policy resonated with older voters as almost two thirds (65%) of over-55s were aware of this policy and understood its aims.
The survey also explored voters’ attitudes towards tax, and revealed a significant proportion (60%) of respondents would likely vote for a party pledging to scrap inheritance tax.
An even greater percentage (70%) said that NHS and social care funding was a priority and they were likely to vote for a party that committed to increased spending in this area, even at the expense of higher taxes.
However, the Green Party’s pledge for pension funds to divest from fossil fuel assets by 2030 found less favour among consumers. Almost two thirds (65%) of customers in PensionBee’s tailored plan want continued investment in fossil fuels, citing profitability and the potential to drive change through AGM votes as reasons not to divest.
Overall, PensionBee said its survey found people felt optimistic about a change of government (55%), compared to 23% who felt unsure and 21% who felt pessimistic. Younger people were more likely to feel optimistic (68%), compared to those aged 65 plus (40%).
Becky O’Connor, director of public affairs at Pension Bee, said: “Pensions often face policy changes due to the costs involved for the Treasury in offering tax relief and the State Pension, but also because votes can be won or lost through adjustments to people’s retirement prospects. Our survey shows that voters are eager for meaningful reforms in some areas of the pension system and continuity in others, reflecting a broader need for financial security.
“The ability for working people to build a decent pension is a key pillar of a well-functioning society and the incoming government has a significant opportunity to implement policies that foster confidence and trust among savers, ensuring a financially secure future for all.”
