UK’s PensionBee, an online pension provider, has officially responded to the 2024 General Election result.
Becky O’Connor, Director of Public Affairs at PensionBee, commented:
“Today, we welcome a new government, and as they take office, we anticipate significant advancements in several key areas of pension policy. Labour’s commitment to a comprehensive review of the pensions and retirement savings system is promising and could provide a real benefit to millions of pension savers. A persistent barrier to pension engagement has been slow transfer times, with Origo’s recent Pension Transfer Index revealing a concerning 17% rise in transfer times over the last three years. We urge the new government to address this issue promptly.”
As noted in a blog post by PensionBee:
“Although not explicitly highlighted in Labour’s manifesto, the new government should address the ‘pot for life’ solution to tackle the pressing issue of lost pension pots in the UK. With over £50 billion at risk of being forgotten in old pensions, immediate action is essential for better retirement outcomes for consumers. We also hope the Labour government will advance plans to extend Auto-Enrolment by removing the lower earnings limit for contributions and lowering the enrolment age to 18. Early contributions are invaluable due to the benefits of compounding growth, and such measures will significantly strengthen the future financial security of the UK workforce.”
PensionBee’s management concluded:
“Finally, we seek detailed insights on how the Mansion House reforms will align with the UK’s economic growth strategies while ensuring favourable returns for pension savers. Clarification is needed on how exposure to UK growth opportunities will be tailored to the proximity of savers to retirement, particularly as older savers tend to invest in lower-risk assets to safeguard against market volatility and potential downturns.”
As covered, PensionBee claims it is a leading online pension provider, “helping you transfer your old pensions into one new plan, that you can easily manage online.”
PensionBee says that is is on “a mission to make you pension confident by helping you take control of your pension savings and plan for a happy retirement.”
With PensionBee you can reportedly manage your pension “from the palm of your hand: check your real-time balance, see your projected retirement income, and set up contributions and withdrawals online.”
