Shadow Work and Pensions Secretary, Liz Kendall, has said that Labour will have a "relentless focus" on championing decent pensions for all, and is "determined once again to be the pensioners party".

Speaking at the Trades Union Congress (TUC) Pensions Conference, Kendall shared her views on what the pension landscape could look like under a Labour government, providing further insight into Labour’s proposed financial services review in particular.

She stated: “Our review will look across the whole sector and at all types of pensions, including defined benefit (DB), defined contribution (DC), and public sector schemes.

“It will set out proposals to ensure savers get the best possible returns and identify the ways for pension funds to invest more into UK productive benefits, so we can get the best for UK pensioners and the UK PLC.

“This review is absolutely vital because two decades after the Pensions Commission, when cross-party agreement saw the coalition government implement Labour's policy of auto enrolment, progress has now stalled - and that is not good enough.

"So this is Labour's commitment for future pensioners: We will have a relentless focus on creating more, better paid jobs in every part of the country, helping people get work and championing decent second pensions for all, so everyone can prepare for their retirement with confidence."

Kendall also reassured current pensioners that "we are on your side", stating that "Labour is determined once again to be the pensioners party".

"We will never play fast and loose with the economy or put the nation's financial stability at risk," she continued.

"We will tackle the root of the cost-of-living crisis and work tirelessly to give you the security and retirement you need and deserve."

Asked specifically whether Labour would be looking to mandate UK pension scheme investments, Kendall was unable to confirm either way, stating: “We’ve announced our wide-ranging pensions review and we'll be working closely with industry and consumer groups to make sure that we do get those better savings and outcomes for pensioners, but also to really try and remove the barriers that there are to investing in UK PLC.”

Kendall was also asked about the proposed increases to the state pension age, particularly given the current government's plans for the state pension age to rise to 67 between 2026-2028, with a further review expected within two years of the next parliament to reconsider a rise to age 68.

Whilst Kendall acknowledged the concerns facing those having to work longer, she clarified that "we've got no plans to lower the state pension age".

"I am acutely aware that years of healthy life expectancy in places like Leicester are far, far fewer than in other, better off parts of the country, and if I think of my constituents, who are so worried about what that will mean for them," she stated.

However, she suggested that the bigger priority is making sure that people can live longer, healthier lives.

"We have a strong commitment in our NHS mission to actually narrow the gap between richer and poorer areas, to make sure people have the chance to get new skills and new jobs as they're living longer, because I think that is the way that we can tackle this issue," she stated.

However, she suggested that Labour would continue to support the state pension triple lock, stating: "Labour's commitment to delivering dignity and security in retirement is unwavering.

"We know how vital the triple lock has been in protecting pensioners incomes and providing certainty in retirement, that is why we have defended it when the Tories sought to break their promises to pensioners."

Despite the political tensions, Kendall also stressed the importance of gaining cross-party support on pension reforms, arguing that this is needed to build a change that lasts.

"We need to work with industry, with consumer groups and with the trade union movement, because if we can build that cross party consensus for a long term future plan, that is how change happens," she added.

"I am acutely aware of the gaps in in auto-enrolment, but I also know the massive difference it has made and I am determined to do everything I can to make sure those benefits are properly shared by all.

"I understand that doesn't answer all the individual specifics, but that is because we believe that a long-term review that tries to build consensus, that works with all involved, is the best way to secure change."

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