Steven Cameron, Pensions Director at Aegon said:
“While Brexit related matters will clearly dominate June’s General Election, Political Party Manifestos could reopen other contentious issues including pensions, savings, taxation and the changing nature of employment. This could include the future of the state pension triple lock, which had looked safe until 2020, the shelved increases in self-employed National Insurance and the unfortunate ‘will they, wont they’ debate on pensions tax relief reform. Whilst revisiting these policy areas may not be a vote-winner amongst pensioners, higher rate tax payers, or the self-employed, the opportunity exists for all parties to set out their stall on these key issues, creating much needed longer term stability.
“We may also see a new set of economic concerns rising in voters’ minds. For example, pensioners on fixed incomes are particularly affected by the ongoing uptick in inflation we’ve seen since the decision to leave the EU. Some older voters may start asking questions about each of the parties’ plans to ensure it doesn’t surge much beyond current levels.”