Pensions are expected to be a battleground in the upcoming election, with research from TPT Retirement Solutions revealing that three quarters (75 per cent) of savers are more likely to vote for a political party that reforms workplace pensions.

TPT's survey suggested that including reforms to workplace pensions in the upcoming political party manifestos could have a "substantial impact" at the ballot box, as nearly nine in 10 (88 per cent) working people with DC pensions want whichever party wins the general election to do more to help people save for retirement.

It also showed that, currently, 45 per cent fear people will face pension poverty if the system isn't fixed, and 55 per cent are concerned about retirement costs, while 57 per cent of Brits are worried they are not saving enough for retirement.

Given these concerns, there was widespread support for plans to improve pension savings, with 96 per cent of workers supportive of reforms to increase retirement savings, such as expanding auto-enrolment or increasing minimum contributions.

In particular, TPT urged any incoming government to increase the legal minimum for auto-enrolment contributions until it reaches 12 per cent of earnings, with employers and employees contributing 6 per cent each.

It also encouraged the new government to expand auto-enrolment to everyone in full employment at age 16 or older, and that contributions should be based on all earnings rather than qualifying earnings, calling for the removal of both the lower Earnings Limit and Upper Earnings Limit.

In addition to this, 44 per cent of workers said they favour maintaining the triple lock on the state pension to ensure adequate retirement incomes.

Adequacy concerns were not the only issue highlighted in the research, however, as TPT’s study also found that many people struggle to understand their pensions and subsequently find it difficult to make retirement decisions.

According to the research, 30 per cent of workers believe pensions are too complicated and 96 per cent would support policies to make pensions simpler to understand.

Given the complexity concerns, TPT encouraged any incoming government to simplify pensions to help people make better retirement decisions, suggesting that all DC schemes should be encouraged to introduce a default retirement solution that is designed for their members.

The research also found saver support for this idea, as more than half (59 per cent) were supportive of plans to encourage schemes to introduce a default decumulation option to make it easier for people to choose how to use their pension pot when they retire.

TPT also encouraged any new government to push ahead with plans for some form of pot for life, revealing that 55 per cent of savers would back proposals for a pension pot for life system, to make it easier for people to keep track of their pension savings.

In addition to this, TPT said that the government should continue the recent work around the advice/guidance boundary, in order to allow employers and pension providers to give more tailored support to employees making retirement decisions.

Tax was another key area of contention, as the study found that 91 per cent of workers support tax reforms to make it easier for people to invest more in their pensions.

In particular, the survey found that introducing a tax-efficient form of sidecar savings is one option that could appeal to 36 per cent of workers, while nearly half (44 per cent) of savers also oppose the return of the lifetime allowance.

Commenting on the findings, TPT Retirement Solution chief executive, David Lane, said: “Our research shows working people want the government to reform the pension system. Currently, most people are not saving enough for retirement and many struggle with retirement decisions. Any political party that tackles these issues could be rewarded at the ballot box.

“Following our research, we have drawn up our own top ten recommendations to improve the pension system. We believe these policy changes could significantly improve the retirement savings of millions of people.”

In particular, TPT suggested that new government should ensure that the new value for money metrics are embedded in the pensions dashboards.

It also encouraged further innovation around insurance products, suggesting that new forms of insurance could be developed to offer policyholders a guaranteed income for life without having to pay a large lump sum for an annuity.

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