Jurisdiction(s):
United Kingdom

UK pensions outlook pre-2024 election: cross-party continuity on Mansion House and triple lock; Labour drops LTA; Conservatives push Triple Lock Plus; stricter climate transition plans ahead

Published on: 17 June 2024

Published by a Law360 reporter

Legal News

Article summary

Instead of veering away from the Conservatives’ reform path, Labour stated on 13 June 2024 that, if it wins the 4 July 2024 general election, it will press on with existing productive finance changes. This will reassure a market that finds sweeping shifts difficult and had been unsettled by the snap poll.

David Brooks, policy lead at Broadstone, noted that with the Conservatives similarly light on fresh proposals, pensions can plan for steady continuity over the next five years; he said this is encouraging given the volume of measures already moving through regulators and Parliament.

The pension stances of the three principal contenders are set out below, starting with Labour, widely expected to end 14 years of Conservative government by a comfortable margin.

Labour

One of the earliest pension signals tied to Labour’s platform surfaced weeks before the manifesto launch: it would not seek to restore the lifetime allowance (LTA). This came shortly after the Conservatives announced plans to remove the LTA, which caps at £1m...

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