View more on these topics

Tories more trusted than Labour on pensions

More people trust the Conservatives to deliver a fair pension system than Labour, while a general distrust of politicians is prompting people to cash out “while they can”, a survey of workers approaching retirement reveals.

Some 29 per cent of 1,000 people survey on behalf MGM Advantage trust the Tories on pensions, rising to 48 per cent for people with incomes between £60,000 and £100,000. This compares to just 16 per cent who trust Labour.

In addition, 39 per cent say they do not trust any party.

The research also finds one in 10 people plan to take more than the 25 per cent tax free allowance from their pensions post-April, with 27 per cent saying they want to take cash out because of fears future Government would renege on the freedoms.

MGM pensions technical director Andrew Tully says: “The lack of trust in politicians and constant meddling in pensions is driving some people to consider cashing in their pensions because they don’t think the changes will last. What we need now is amnesty on policy adjustment. Whoever is in power after 7 May needs to give both the public and the industry time to adjust and put in the hard work that will be required to make the changes a success.

“But the Government will also need to monitor consumer and industry behaviour to ensure that appropriate checks and balances are in place to ensure retirees are getting the best outcomes. It must be about people, not politics.”


News and expert analysis straight to your inbox

Sign up


There are 5 comments at the moment, we would love to hear your opinion too.

  1. Is it a slow news day then ?

  2. These figures do not really tell us anything new. People probably trust the Tories more than Labour not to raise taxes or not to keep increasing regulation on small businesses, but its a pretty low base.

    As far as financial services goes, its only really the cub reporters on the IFA trade press who tend to support the Left.

  3. The Conservatives, though not perfect, must surely be trusted more than Labour on just about any subject you care to name apart from, of course, raising taxes and spending more money than the country’s actually got.

  4. And that’s not saying much!!

  5. Check this for a meaningless quote. “What we need now is amnesty on policy adjustment.” OK. “But the Government will also need to monitor consumer and industry behaviour… to ensure retirees are getting the best outcomes” …wait hang on, so what if retirees don’t get the best outcomes? We’re not allowed to do anything about whatever is causing bad outcomes, remember, there’s a policy adjustment amnesty. Blather.

    The main question arising from the poll is why on earth 61% of the population apparently trusts politicians of some stripe on pensions. Who are these people? Can they be helped?

Leave a comment