60-second summary: Phase two launch - Commission is a go

The UK government has launched a new Pensions Commission to improve future pension outcomes.

This begins ‘Phase Two’ of the Pensions Review, focusing on benefit adequacy. A review of the State Pension Age (SPA) will run alongside it.

Key highlights from the announcement:

• The long-term future of the UK pension system is under review, considering various factors that affect outcomes, such as:
  • the outcomes and risks for future pensioners, to 2050 and beyond;
  • ways to improve those outcomes, especially for those at greatest risk of under-saving for retirement;
  • the roles played by State and private pensions, and wider savings; and
  • the challenges of an ageing population.
• A statutory review of the rules governing SPA has been proposed.

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This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.