Hymans comments on Pensions Commission report

Commenting on the publication of the second Pensions Commission’s interim report, Calum Cooper, Head of Pension Policy Innovation at Hymans Robertson says:

“The report published by the Pensions Commission today, was reassuringly rigorous and will provide a clear, single source of understanding for the problems to solve in our pensions system. We welcomed the government’s establishment of the Commission and seeing the issues laid out in the report is a significant step in the much-needed transformation of the pensions landscape. It’s vital that the pensions industry works together to address, and ultimately solve, the problems to result in long-term financial independence and sustainability. The Commission’s next step is to find the answers, and this aligns with the direction set out in our report: The Untapped Potential of Pensions . In particular we support:

• The Commission’s ambition to tackle under-saving and widen inclusion.

• The need to 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.

• The enhancement of auto-enrolment – closing the gaps for the self-employed, younger, and lower-paid workers which directly mirrors our policy perspectives and aims. Removing the earnings threshold to widen inclusion could also meaningfully help the gender pension gap challenge.

• Recognition that the increase of renters in retirement will have a detrimental impact on income and the need for pension saving, and indeed innovation in flexibility, markets and products, to help alleviate that issue.

“The work of the Pensions Commission is a ‘once in a generation’ opportunity to help people achieve purposeful incomes in later life. We look forward to continuing to engage in the run up to their recommendations in 2027.”

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