Matt Rodda, Labour’s shadow pensions minister has said he wants to start a dialogue with the industry on how to boost longer term retirement saving In the UK, while addressing key issues facing the pensions industry.
Rodda, who has previously worked as a civil servant, told delegates at Corporate Advisers Master Trust and GPP Conference that improving pension provision for women was a priority for Labour, as was addressing some of the potential drawbacks arising from pension freedoms.
“While some people have benefits from the pension freedom rules, it had led to poor financial decision making in some cases, with some savers falling prey to scams,” he said.
Rodda said that there has been delays to the passage of the current Online Safety Bill through Parliament but he added that hoped that this legislation might be a good place to start tackling this issue of protecting pension savers from scammers.
Rodda said he would also like to see more done to promote the pension credit to boost the living standards of many in retirement, particularly at a time of rising living costs. He said that up to £1m who qualified for this benefit did not claim it at present, and said the current government was not going enough to address this
Rodda sought to reassure the audience that Labour was interested in listening to suggestions on how legislation could improve the pensions sector, and what lessons might be learned from the success of auto-enrolment providers like Nest and The People’s Pension and how this ‘third way’ might be adapted to other areas of policymaking.
He added that the Labour Party remained wanted to promote long term economic growth and remained committed to the “long-term responsible management of the public finances”. He said businesses across the economy, including those in the pensions and savings arena, want stability and consistency of regulation so they can plan for the future and grow.
Rodda added that he wanted to build cross-party consensus on long-term issues like pensions and said he has been involved with discussions and visits with the previous Conservative pensions minister Guy Opperman.
Rodda said that like Opperman he wanted to encourage pension funds to invest in assets that can deliver returns for members alongside societal benefits, be it green energy or social housing. He also said that Labour remained committed to the triple lock on the state pension.
Responding to criticisms that DWP plans for innovation and reform are often blocked by the Treasury, Rodda said that as a former civil servant he recognised that it was important for different government departments to work together.
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