The National Association of Pension Funds (NAPF) has urged the major political parties to consider the long term when it comes to pensions.

Each of the main parties has now launched its manifesto, with pensions on the agenda for most.

NAPF chief executive Joanne Segars said: There is no doubt pensions are politically valuable given that each one of the main political parties has sketched out some aspect of pensions policy in their manifesto – but what's notable by its absence from the debate is the concept of a long-term plan for pensions."

The Conservative party has said it will nominate Ros Altmann, the investment and pensions expert, as a peer – and, if they win the election, will appoint her as minister with specific responsibility for ensuring financial protection for consumers.

They would continue to increase the state pension through the 'triple lock' – whereby annual payments rise by inflation, average earnings, or a minimum of 2.5%; whichever is the highest.

Triple lock was introduced by the current government in 2010.

Labour leader Ed Miliband said his party would also keep the triple lock, but has promised to reform the pensions market.

Liberal Democrats would also keep triple lock and would also consider introducing a single rate of tax relief for pensions.

David Brooks, technical director at Broadstone Pensions and Investments, said all the manifestos were "surprisingly light" on pensions detail but commented that both Labour and Conservative plans for tax relief could be challenging.

"Those in public sector DB schemes will be disproportionately hit while simply accruing a pension at work."

"Any complication of the system in these ways should be consulted on and we would urge either Conservative or Labour to consult with the industry to canvass views on the most appropriate methods for changing tax relief," he said.

Joanne Segars, NAPF chief executive, said prioritising a stable pension system should be the long term goal of any government.

"It's understandably tempting for politicians to syphon a bit of cash from tomorrow's pensioners to pay the bill for today's political priorities, but we must also ensure a decent retirement for tomorrow's pensioners, a decent deal for today's savers, and the stability of a pension system upon which everyone can depend not to change overnight," she said.

First published 23.04.2015

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