Overview

• Chancellor Rachel Reeves will formally convene a commission to review the UK’s pensions framework in her July 15 Mansion House speech, after delaying its launch from end 2024.
• The commission’s remit includes assessing auto-enrolment contribution adequacy, the sustainability of the state pension triple lock and retirement provision for self-employed workers.
• Institute for Fiscal Studies modelling published in early July projects that retaining the triple lock would push the state pension age to 69 by 2049 and to 74 by 2069 unless spending is curbed.
• The IFS report calls for targeted means-tested support for individuals within a year of state pension age to mitigate the impact of future age increases.
• Employers remain cautious about significant auto-enrolment rate increases after last year’s backlash over a proposed £25 billion National Insurance contributions rise.