Money Marketing round table- what next for pension reform?
Hung result would block reforms
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A hung Parliament would be “a disaster” for pension reform, according to Cicero Consulting.
Director Iain Anderson said: “No party would want to coalesce for long. You would not get a Budget through, the regulatory architecture reforms would not get through and you would have the Conservatives wanting to review Nest and Labour not letting it. It would be a mess.”
He predicts that a majority of less than 10 would result in an election again in the autumn.
Hargreaves Lansdown head of pensions research Tom McPhail said: “The Nest administration contract has to be signed in June and the Nest Corporation takes over in July. Even if we get a hung Parliament, that agenda keeps on rolling and someone has to make those decisions. If that does not happen, everything starts to slide very fast. There is no margin there.”
But Standard Life head of pensions policy John Lawson: “The radical stuff will not get through but they need to give the market’s confidence in the country’s ability to repay its debt so they will have to at least pass a Budget.”
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