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Key decisions on pensions needed after the election

10 June 2024
Issue: 4940 / Categories: News

The next government will need to make key decisions on pensions says the Institute for Fiscal Studies (IFS).

In a report produced in partnership with abrdn Financial Fairness Trust the IFS suggests that the new pensions minister will have to decide whether and how to provide more support to those who struggle to work up to state pension age while considering the effects on work incentives and government spending.

The report suggests that a long-term plan for the level of the state pension is needed given that the triple lock which both Conservative and Labour parties have said they will maintain increases the level and cost of the state pension in an uncertain and ultimately unsustainable way.

On workplace pensions the report states the new government could consider making use of new legislation that would increase minimum workplace pension contributions...

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