With 6 the UK General Election on 6 May 2010 General Election looming ever closer, Annuity Arrow has detailed a summary of how the rivals have claimed they will address with pensions, should they be elected.

Labour

·         Reduce tax relief for those earning more than £130,000 per annum.

·         Introduce employer obligation to admit staff into a pension scheme from 2012 (known as auto-enrolment).

·         Review the default retirement age of 65 for employees.

·         Restore UK State Pension annual increases to earnings in 2012 (currently increases in line with inflation index).

·         Gradually increase UK State Pension Age to 68, starting from 2024.

Conservatives

·         As soon as finances allow, start to reverse the effect of the decision by Labour in 1997 to abolition dividend tax credits for pension schemes.

·         Scrap requirement to take pensions by the age of 75.

·         Review the auto-enrolment rules proposed by Labour.

·         Cap public sector pensions over £50,000.

·         Restore UK State Pension annual increases to earnings before the end of the next parliament session (currently increases in line with inflation index).

·         Hold a review to bring forward the start date of current plan to increase the State Pension Age from 2024 to 2016 (for men) and 2020 (for women). 

Liberal Democrats

·         Abolish higher rate tax relief on pension contributions; basic rate only, regardless of earnings.

·         Give pension policyholders early access to their funds (since 06/04/10 - earliest age is now55).

• Scrap requirement to take pensions by the age of 75.

·         Scrap the default retirement age of 65 for employees.

·         Replace UK Sate Pension with a citizen's pension, available to all at pension credit rate.

·         Immediately restore State Pension annual increases to earnings (currently increases in line with inflation index).

·         Retain current plans to gradually increase State Pension Age to 68, starting from 2024.