The Labour Party has vowed to ensure the fallout from Brexit does not undermine the sustainability of the UK’s economy and pensions system but warned the country faces “serious times”.
Speaking at Pensions and Benefits UK 2016 on 28 June, former shadow pensions minister Angela Rayner said the economy is “teetering in the balance” and the country is at a “crossroad” following the population’s decision to leave the European Union (EU).
Rayner (pictured), who has stepped down from the role to become shadow women’s and equality minister in a testing time for the party, said vulnerable people should not lose out from Brexit.
She said: “We are in serious times. We need to get into a good place as we know our economy is teetering in the balance. Ordinary people in this country should not pay the price for politicians and those at the top of the market.
“I am going nowhere and part of the job is securing their futures [the people most affected by Brexit]. Pensions and an economy based around fairness are crucial for that.”
Brexit throws up a host of questions for the future of pensions, she added: “Are we already seeing the stage where retirement might not be an option? Should that be the case in a great economy? What does that mean for the state? Are we saying as a society we will leave them [the poorest] on their own in poverty?”
The pensions industry also has to increase transparency, cut jargon and boost the amount of advice available to people, she continued.
In other moves in the shadow cabinet, Debbie Abrahams has been promoted to shadow work and pensions secretary following a series of resignations and promotions.
She replaces Owen Smith who resigned yesterday after being in the role since September 2015.
The MP for Oldham East & Saddleworth was formerly shadow minister for disabled people. She has represented the constituency since her by-election victory in January 2011.
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