Patrick Heath-Lay, the Chief Executive Officer at People’s Partnership said: “Reviving the Pension Commission will give us a chance to take a fresh look at pension reform from the bottom up - to ask what savers really need and how we can better support them, with the focus firmly on helping people achieve the retirement they deserve. There is clear evidence that millions of people aren’t saving enough for the standard of retirement they would like, so it’s vital that the Government works with the pensions industry, business community and unions, considering every option and ensuring that all voices are heard.”
Stewart Hastie, Chair of the Association of Consulting Actuaries (ACA): “We are delighted the Government is moving ahead with this phase of the Pensions Review with a target to report in this Parliament. As an Association we have a strong resource available to help the new Commission test its emerging ideas and to provide support for their research stage. ACA stands ready to assist and share its collective actuarial and technical experience of working and advising thousands of UK private sector organisations on pensions provision. The challenges outlined by the Ministers at today’s launch will require brave and radical action for years ahead and we look forward to help building the consensus that will be needed to implement measures as they become agreed public policy.”
Sophia Singleton, Head of DC, XPS Group: “We are really pleased to see the relaunch of the Pensions Commission and the Government’s commitment to building a pensions system that will deliver a secure retirement for all. It is important that the review takes a holistic view of retirement because long-term sustainability can only be addressed by considering wider issues such as housing, long term care costs and health costs. We are also encouraged that the review of the State Pension age will sit alongside this work as clarity of the State Pension is essential so that savers can plan their retirement."
Calum Cooper, Head of Pensions Policy Innovation, Hymans Robertson, says: "The announcement of a Pensions Commission from the government marks a pivotal moment in UK Pensions and is another significant step in transformation of the pensions landscape. A commission is an essential ingredient of a re-kindled social contract, and long-term financial independence and sustainability. It’s a step we have strongly advocated for and fully support and aligns with the direction set out in our reports: The Untapped Potential of Pensions and A Pensions Plan for a New Government. We support:
• The Commission’s ambition to tackle under-saving, and mobilise long-term pension capital, which echoes the industry’s desire to harness the power of pensions to fuel both retirement security and UK growth.
• Its intent to consider expanding auto-enrolment – closing the gaps for the self-employed, younger, and lower-paid workers which directly mirrors our policy perspectives and aims.
• With an 18-month window, cross-party backing, and a wide remit, today’s announcement feels refreshingly serious: a real opportunity to build a sustainable system from the ground up.
“While it’s disappointing that the triple lock and state pensions won’t be examined, we recognise the political reality. We would have liked to have seen a shorter time frame for the Commissions’ window, given the changes will only be publicised after the Pensions Commission report, and most likely on a phased basis. However, overall, the Pensions Commission offers a rare chance to return pensions from partial and passive pots into inclusive and purposeful incomes in later life. The appointments announced reflect a balanced blend of worker advocacy, academic rigour and business pragmatism—mirroring the multidisciplinary approach recommended in our reports and anticipated by industry stakeholders.”
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