Saver Insights

4 minutes

How Will Your Vote Impact Your Pension?

See what Labour and the Conservatives are planning for pensions before casting your vote on 4th July 2024

There are 216 pages of manifesto between Labour and the Conservatives. It’s a lot of pages! It’ll take you a while to read them; even longer if you’re reading the other parties’ manifestos too.

But don’t worry. We’ve got you sorted – at least when it comes to voting with your pension in mind. We’ve distilled all 216 pages into nine bullet points, all focused on what Labour and the Conservatives are planning for pensions.

Read about the main pension policies before casting your vote on 4th July 2024. Then find out more about the retirement crisis – and what we're doing to change the game.

Labour pension policies

Better UK-based investments. Greener pensions.

According to the Change Labour Party Manifesto 2024, Labour Party leader Keir Starmer is pledging to:

1. Increase investment in UK markets

To deliver better returns for savers and boost the economy, Labour will ensure that workplace pension schemes invest more in UK markets.

2. Review the pensions landscape

The Labour Party plans to consider what further steps are needed to improve pension returns, security in retirement and investment in the UK economy.

3. End the injustice of the Mineworkers' Pension Scheme

To deliver on fairer pensions for mineworkers, Labour will review the surplus arrangements and transfer the Investment Reserve Fund back to members.

4. Make the UK the green finance capital of the world

Labour plans to mandate UK-regulated financial institutions and FTSE 100 companies to develop and implement plans that align with the 1.5°C goal of the Paris Agreement.

5. Retain the triple lock for the state pension

Introduced by the Conservative-Liberal Democrat government in 2010, the triple lock ensures the State Pension will increase in line with the highest of inflation, earnings growth or 2.5%.

Conservatives pension policies

Reduced tax. Abolished tax. No new tax.

According to the Conservative and Unionist Party Manifesto 2024, Tory leader Rishi Sunak is planning to:

1. Cut tax for pensioners with the new triple lock plus

On top of the triple lock, the triple lock plus also guarantees that the tax free allowance will rise in line with the highest of inflation, earnings growth or 2.5% – for people over State Pension age. This means the State Pension will always be below the tax-free threshold and never subject to income tax.

2. Introduce a new pension tax guarantee

The Conservatives guarantee they won’t introduce any new pension taxes. They’ll maintain the 25% tax-free lump sum and maintain tax relief on contributions at their marginal rate. Plus, they won’t extend National Insurance to employer pension contributions.

3. Abolish National Insurance for the self-employed

The party plans to abolish National Insurance entirely for self-employed people by the end of the next Parliament, without affecting their entitlement to the State Pension.

4. Improve War Pensions and Armed Forces Compensation Scheme awards

As a broader package for veterans, the Conservatives plan to bring forward measures so these awards aren’t counted as income for the purpose of benefits and pensions.

No one mentioned pension engagement…

In all those 216 pages of manifesto, neither party addressed how they’re going to address the retirement savings crisis and get people engaged in pensions.

No worries, though. That’s exactly what we’re focused on: making pensions a simple, engaging and easy experience. We’ll keep picking up the slack 😉

Read more about the retirement crisis – and what we're doing to change the game.

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