Pensions
The question
To ask the Secretary of State for Work and Pensions, what assessment he has made of the implications for his policies of recent reports of inadequate future personal pension provision; and what further steps he is taking to help increase personal pension contributions.
Answered by Torsten Bell
Ensuring current and future pensioners have adequate retirement income is a key priority for this Government.
Despite the success of Automatic Enrolment in transforming workplace retirement saving with over 23 million employees participating in 2024, we know that 45% of working-age adults are not actively saving into a pension.
That is why the government is taking action to reform the pensions landscape. The Pension Schemes Act 2026 received Royal Assent in April and will play a huge role in strengthening the private pensions market, providing better outcomes for pension savers and supporting UK growth.
We have also revived the Pensions Commission, to explore how to improve retirement outcomes for future generations. The Commission published their interim report on 19 May 2026, setting out areas of focus on the longer-term challenges around retirement adequacy, especially for those at the greatest risk of undersaving. The Government will set out its plans following the Pensions Commission’s final report, which is due in early 2027.
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