Industry body the Pensions Management Institute has called on a new UK government, led by incoming prime minister Andy Burnham, to place simplicity, stability and savers at the heart of its approach to pensions and lifetime savings.
According to the PMI, at time of economic uncertainty, stability in pensions policy, tax rules and long‑term commitments is essential for savers, employers and schemes to plan confidently.
The body also called on the administration, replacing that of former prime minister Keir Starmer, to prioritise essentials such as consistency in tax rules, reducing fragmentation between short and long‑term saving, and a holistic approach that recognises real‑world pressures including the rising numbers of renters in retirement.
Gareth Tancred, chief executive of the PMI, says: “The UK faces decades of under‑saving, growing housing challenges and increasing complexity in the savings landscape. A clear, coherent framework is needed to help people build resilience and secure better outcomes.
“The PMI stands ready to work with the new government to deliver a simpler, more stable and saver‑focused lifetime savings system for the decades ahead.”
In his campaign to be prime minister, Burnham did not announce significant legislative changes to the UK pensions space in any way that would significantly depart from the recently passed Pension Schemes Bill. His government is also expected to follow the ultimate conclusions from the ongoing Pensions Commission, which will publish its results in 2027.
The UK pensions industry has called for Burnham to hit a wide range of policy targets during his premiership, such as handling the question of surplus in defined benefit schemes, and addressing the under saving issue in defined contribution plans.
Mark Pemberthy, benefits consulting leader at Gallagher, says: “The UK pensions sector can likely look forward to a period of continuity. With the Pension Schemes Act now law and the DWP publishing its updated roadmap, the industry can plan for the future with more confidence.
“A renewed debate on the triple lock also fuels the argument for improving workplace pensions. As governments face increasingly difficult choices over public spending, ensuring DC schemes demonstrably deliver value and support better retirement outcomes must be top of the agenda for all trustees and employers, no matter the size of their scheme.”