What the UK General Election result means for pensions

09 June 2017

John Wilson, Head of Technical, JLT Employee Benefits said:

“The result of the General Election may now be known, but many State and private pension challenges will be harder under a hung Parliament if we are to build trust in the system and encourage more saving.

“For example, the State pension needs to be meaningful but affordable – a foundation that people can build confidence on. Also, the extension of the Pension Regulator’s powers to stop some of the unsettling headlines is all well and good, but such preventative measures need to be part of a wider settlement to plug the pensions black hole in defined benefit schemes [1]. And, although automatic enrolment has led to more people saving, the average contribution rates are woefully inadequate and we need to keep nudging people in the right direction.”

[1] In a recently published whitepaper, JLT Employee Benefits has offered a number of recommendations to achieve what we believe would help to address those DB pension sustainability issues. If you’d like to request our whitepaper, visit How do we get out of this Pensions Black Hole?.

Notes to Editor

Enquiries:

JLT Employee Benefits

Corinne Gladstone, PR Manager| T: +44 (0)20 7895 7705| E: corinne_gladstone@jltgroup.com

About JLT Employee Benefits

JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.

JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.

Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.

www.jltemployeebenefits.com

About Jardine Lloyd Thompson Group plc

Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.

JLT is quoted on the London Stock Exchange and owns offices in 41 territories with some 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.

www.jlt.com