Brexit could be key test for pensioners, says Steve Webb

Commenting on the impact on pensions of the EU referendum result, Steve Webb, Director of Policy at Royal London, said:

“There is no doubt that we are entering a period of great uncertainty in which we will witness short-term market turmoil both in the UK and beyond. There will be much public debate about how this will impact the pensioners of today and tomorrow.  Consumers who are concerned about their pensions and investments should take informed, impartial financial advice and avoid making knee-jerk decisions.  Whatever action consumers choose to take it remains important that they continue to save and invest for their own retirement.  There is no substitute for long-term saving when it comes to securing a comfortable future.

“More immediately for today’s pensioners there may be concerns about threats to the ‘triple lock’ on the state pension, but it would be odd for a government to prioritise a cut which would affect the most powerful voting bloc in the country.

“Ultimately, pensions are a long-term project and their future depends on a healthy and growing economy.  This, rather than the immediate future, will be the key test which will determine the quality of life in retirement of millions of UK citizens.”