What the upcoming snap election could mean for pensions

After Theresa May called for a snap election on June 8th, political pundits rushed to guess about what the campaign’s hot button issues would be. Along with the obvious (Brexit terms, immigration, international aid), a real bone of contention seems to be the "triple lock" guarantee on Pensions.

 

As many claim that pensioners are better off than ever, May seems to be under pressure to revoke the triple lock guarantee in order to free up money. She has refused to guarantee that she will commit to the triple lock in the future, meaning that it could be abolished.

 

In light of her recent pledge to maintain international aid at its current .7% of GDP rate, May is facing criticism from many in the House. Liberal Democrat frontbencher Alistair Carmichael has stated that the elderly "should now realise that their pensions are not safe in Conservative hands".

 

So, what does all of this uncertainty mean for the average worker in the UK? Simply put, we all need to be more careful than ever when it comes to saving for our own pensions. Setting money aside as an individual is key, and everyone should have a look at their pensions savings plans at work to ensure that they are auto-enrolled into a pensions scheme.

 

In addition, all employers should ensure that their pensions auto-enrolment tasks are taken care of and that their employees are covered. Saving for retirement is more important than ever – don’t let this task lapse.

 

With the future of UK pensions more uncertain than ever, now is a great time to reach out to an expert. Contact the team at Options Corporate Pensions Ltd for information on how they can assist your company today, with their pensions needs.