Industry experts have outlined their key pension priorities for any incoming government, with auto-enrolment reforms, plans to extend collective defined contribution (CDC), and at-retirement support all high up on the industry’s list of asks.

With pensions expected to be a key battleground in the upcoming election, industry organisations have been quick to highlight the key areas of contention and debate.

The Pensions and Lifetime Savings Association (PLSA), for instance, has outlined five key areas that it would like the next government to enact in its first 100 days after winning the general election to better secure the financial futures of "millions" of savers.

In particular, the PLSA urged the incoming government to support adequate pension savings; help savers navigate choices at retirement; support well-run defined benefit (DB) schemes, bridge the pensions ad growth gap, and support the Local Government Pension Scheme (LGPS).

“Today more people are saving into workplace pensions, and they have more freedom over how to use their savings. But the future remains uncertain as people are not saving enough for retirement," PLSA director of policy and advocacy, Nigel Peaple, said.

“The next government must do everything it can to help everyone reach a good income in retirement."

Adding to this, Aegon head of pensions, Kate Smith, stressed the need for each political party’s manifesto should give “absolute clarity” on their plans for the “vitally” important issues of the state pension triple lock and the funding of social care.

Pensions tax could be another area of change, as Sackers partner, Helen Ball, suggested that one of the big questions surrounds the fate of the recently reformed pensions tax system, as well as many other outstanding proposals, including the Chancellor’s Mansion House reforms.

This was echoed by LCP partner, David Fairs, who said that an early review of pensions taxation could be an early priority in the new government’s term of office.

“It seems likely that a future government will have to think carefully about where its financial priorities lie,” he explained.

"Changing an already complex system will take time to think through and implement and is not something likely to be considered close to an election given the inevitable winners and losers that it is likely to create, so it might well be something kicked off early in the new government’s term of office.”

In addition to this, Fairs suggested that the development of multi-employer collective defined contribution (CDC) and at-retirement CDC plans is also likely to be on the next government’s agenda, having already garnered cross-party support.

“CDC is not the only area that seems to have cross-party support; pension dashboards, value for money requirements, and implementation of the 2017 automatic enrolment reforms are also likely to be adopted by a new government,” he continued.

But even in areas of cross-party support, timings are expected to be delayed, as Smith argued that “given this summer was set to be an important period for pensions regulation, the timing of the election will mean delays to key pensions initiatives”.

“Originally expected for May and June, the Department for Work and Pensions' consultations on pension transfer regulations, multi-employer CDC, and the £30,000 advice limit for safeguarded benefits are all now expected to be delayed as government goes into purdah until after the election,” she continued.

“In addition, the Financial Conduct Authority (FCA) is due to consult on the Value for Money Framework rules for contract-based pensions over the next few weeks. We’re hopeful this will still be published, but there’s a chance it may be pushed back too.

TPT Retirement Solutions commercial director, Nicholas Clapp, agreed, warning that the announcement of the general election means the progress of several important pension reforms is now "up the air".

Indeed, industry experts have already raised concerns over delays to the DB Funding Code in particular, and TPR has been unable to confirm the expected impact of the election on timings at this point.

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