On 4 July, the country voted for a change of government. Since being elected to power, the Labour government has announced some policies it plans to implement around pensions and benefits for older people.
They’ve confirmed they intend to keep the State Pension ‘triple lock’ until there’s another election. This means that each year State Pensions will continue to increase by the highest of either inflation, average wage rises or 2.5%.
They’ve also announced plans to help savers who may have built up several pension pots with different employers. This would apply to defined contribution pensions, where you (and your employer) pay in to your own fund that is invested to provide you with a pot of money when you retire. If you have savings with several different employers since leaving M&S, then these changes might be useful for you in the future. How this will work is being reviewed, but the overall aim would be to be make it easier to get all your pension savings together in one place.