2017 General election result

09 Jun 2017

The consequences of a hung parliament are likely to bring a great deal of uncertainty for pensioners and those saving for retirement as each of the leading political parties had very different views on their individual policies.

Tom Selby, senior analyst at AJ Bell, said "A hung parliament is the worst possible outcome for pensioners and people saving for their retirement. It means that key decisions around the State Pension Age, the State Pension ‘triple lock’, social care funding and pension tax relief are all going to take a back seat while the wheels of Westminster slowly turn."

In particular, the Government announced in April that it would defer the reduction in the Money Purchase Annual Allowance from £10,000 to £4,000 until after the election. However, given the uncertainty that a hung parliament will bring and their intention to apply this change retrospectively (back to 6 April 2017), it is feared that clarity on all these issues will not be provided any time soon.