Protect your pension from Labour! Here's the financial experts' guide to the essential five steps that everyone should take NOW Updated: 09:35, 7 July 2024 By Jessica Beard e-mail 51 shares 179 View comments Time and again, millions of us have seen our carefully laid plans for retirement thrown into chaos by incessant tweaks and tinkering to the pension rules by previous governments. Sir Keir Starmer’s government will be no different. There will be a review of the pensions system – that we know for sure, as a key pledge in the Labour manifesto.
But with Labour securing a huge majority, their promised pensions review has the potential to be far more radical than previously expected, industry experts have warned The Mail on Sunday. The party now has a serious mandate to pursue drastic reforms to some of the thornier pension issues. Economists say that a Labour government will come under pressure to increase wealth and pension taxes to get national debt under control and meet funding targets.
Chancellor of the Exchequer Rachel Reeves outside Downing Street today for her first Cabinet meeting with new Prime Minister Sir Keir Starmer Chancellor Rachel Reeves has said Labour would not raise income tax, National Insurance or VAT. She has also pledged to uphold the state pension’s triple lock. However, she has made no such commitment over private pensions.
Nor have there been assurances on other extreme pension reforms that have been previously floated by key members of the Lab.
