Politicians have been urged to provide pension clarity quickly after Thursday’s election by appointing a long-term Pensions Minister and publishing a clear action plan for tackling issues affecting pension planners. 

Lily Megson, policy director at My Pension Expert, said swift action was needed.

She said: “The outcome of Thursday’s election must bring an end to the instability in the pensions sector, starting with the appointment of a long-term Pensions Minister.

“The merry-go-round of pension ministers over the past decade has muddied the waters, making it increasingly challenging for the UK to maintain clarity around long-term pension policy.”

She said Britons needed consistent and sustainable government policies both on pensions and the economy after years of confusing turbulence.

Ms Megson said: “Once the election result is known, a new minister must come with a clear action plan to tackle the most pressing issues, including alleviating concerns around the Triple Lock’s affordability, reforming workplace pension schemes, and improving access to advice for those approaching and in retirement.

“Indeed, the beginning of a new parliament provides an opportunity to stand back and ask some important questions about the UK pension system as a whole.”

She said the new government has an opportunity to restore confidence and provide the direction needed to help people achieve financial security in retirement.

Ms Megson added: “This election must be a leap towards decisive action and a clear, long-term strategy in the pensions sector.”

The Labour Party promised to carry out a review of the UK pensions landscape in its manifesto released last month.