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The people have spoken! How Britons feel about UK Pension Policy

Politicians are all too familiar with the court of public opinion; their careers depend on it, after all. However, even the most experienced of political veterans might feel slightly uneasy after reading this blog.

With party conference season approaching, and a general election looking likely in 2024, UK political parties will be busy constructing their manifestos and planning their vision of the UK’s future. And a key consideration for all parties must be what Britons want and need. 

Of course, one of the most pressing issues looming over the sitting and future governments is the issue of Pension Policy. 

At My Pension Expert, we are closely monitoring policy plans; our main concern being whether pension savers will receive adequate long-term support to help them live the retirement they want to. But what do Britons think of UK pension policy to date? 

To get to the bottom of this, My Pension Expert commissioned a survey amongst over 2,000 UK adults to uncover their thoughts about the current government, in addition to how they are coping with the cost-of-living crisis.

The Government Strategy

Shockingly, only 25% think that the government has done a good job of helping those who are near or in retirement. 

This opinion comes despite the Government’s most recent efforts to drive positive change within the pension policy landscape. For example, the Mansion House Reforms – reforms which will supposedly boost savings by investing more private pension funds in new businesses – clearly didn’t have the response that the government anticipated, with less than two in five (38%) comfortable that their pension funds are being invested in British businesses to fuel the economic growth rate.

Further, many people believe that the Government’s priorities lie away from the wellbeing of savers. Most (56%) think the Government lacks a clear strategy for improving outcomes for UK pension planners. At a time when the cost-of-living crisis is at its peak, it’s needed now more than ever. 

That said, the opposition have not been left in the clear. After all, our research found that the majority (60%) of Britons didn’t think Labour would do any better than the Conservatives when it came to improving UK pension policy. 

All these opinions beg the question: what can current, and future governments do to boost pension policy?

Change on the Horizon

At My Pension Expert, we believe that the UK needs a long-term sustainable plan for pension policy. All too often, governments and ministers seem to focus on policy for a parliamentary term, rather than thinking about the bigger picture. 

Realistically, this will take a great deal of cross-party cooperation. Politicians work together to commit to big changes within the pension policy landscape: all parties committing to the deadline of the Pension Dashboard, regardless of the outcome of the next general election, for example. Developing policies that provide ongoing support for pension planners through guidance and accessible financial advice would provide savers with the tools to improve their understanding of their retirement finances and result in more informed financial decisions. 

You Don’t Need to Wait For Change.

Of course, these changes will not happen overnight. Time and care must be taken when developing long-term plans. 

That said, Britons should know that support is on hand in the form of independent financial advisers, like our team of experts at My Pension Expert. Our advisers are here to help you to achieve your retirement goals. As such, they conduct a thorough analysis of your current situation and your future goals to help you develop a retirement strategy that suits you. In doing so, you can be confident that you are on the route to retirement you want. 

Low confidence in pension policy is understandable, but help and reassurance are there in the form of advice. Expert advice, from the likes of My Pension Expert, is available to help you find your route to your retirement goals. 

If you’re curious about how we can help you to develop a strong retirement plan, get in touch with a member of our team today.