Pensions: Government Assistance
The question
To ask the Secretary of State for Work and Pensions, with reference to the findings of the Pensions Commission interim report on retirement savings, published on 19 May 2026, what plans he has to assist those of working age to have sufficient retirement income.
Answered by Torsten Bell
Automatic enrolment has succeeded in transforming participation in workplace pensions savings, with over 23 million employees in Great Britain participating in 2024.
However, despite this success, the Government recognises that millions are still not saving enough for their retirement. That is exactly why last year we revived the Pensions Commission. The Commission is exploring how to improve retirement outcomes, especially for those on the lowest incomes and at the greatest risk of poverty or under saving.
The Pensions Commission published their interim report on 19 May 2026, setting out the key challenges facing the system and where it will focus its work next. It will publish a final report and recommendations in 2027.
The Pension Schemes Act 2026, which received royal assent on 29 April 2026, will also bring about major reforms to transform the pensions landscape, ensuring every pound saved delivers stronger returns while driving investment in the economy.
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