Government Pension Policy Updates: Hymans Robertson Reacts

Commenting on the various pensions policy updates made by the government today, Calum Cooper, Head of Pension Policy Innovation, Hymans Robertson says:

“The plethora of announcements made today bring further reason to believe in the UK government’s clear intent to release the untapped potential of a more productive pensions system. From the various consultations it is clear there is a real belief that savers and future of the pensions industry sits at the heart of decision making – both in the private and LGPS sector - with a pension system that both serves its member and helps to drive the economic future of the UK. We are fully supportive of the DB surplus reforms, and the changes laid out around DC and see both as key pillars for UK growth in the private pension sphere. While we await the second phase of the Pensions Review imminently, it is clear that Phase 1 has laid a critical groundwork, but the next stage must be bolder and quicker. If the government is to support and align the various incentives and drive adequacy they must engage with industry. As our recent pension policy paper showed, pensions has the potential to unlock billions of pounds, while at the same time delivering bigger and bolder – not to mention – better retirement incomes.”