Pensions Commission announcement

Commenting on the announcement of a Pensions Commission, 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.”