Helping members run their schemes, August 2024 update

Chancellor Rachel Reeves has duly announced a Pensions Review, and we now know it will be split into two parts and led by Emma Reynolds MP – the new Minister for Pensions and the first holder of that office to be based jointly in HM Treasury and the DWP.

The first phase of the Review will cover investment, especially how to improve pension outcomes and increasing investment in the UK, and the second, starting later this year, will consider wider pension policy issues, including assessing retirement adequacy.

As you would expect, the PLSA is ‘at the table’ to ensure our members’ views are part of the discussion. Last week, our Director of Policy and Advocacy, Nigel Peaple, attended a series of roundtables, all chaired by the Minister for Pensions, to kick off the Review’s work. Just a few days earlier he was at No. 11 for the launch meeting with the Chancellor.

Outside the meetings, we have also submitted the PLSA Policy Board’s suggestions for the Review to the civil servants supporting the Ministers on this work. We will also contribute to the Review through our own thought-leadership work. Look out for a paper coming very soon on what we think the Government could do to make it easier for pension schemes to invest in UK growth assets, as the politicians want. Also, in September we will be publishing a paper we are doing with the Fabians on the most effective way to reduce pensioner poverty.

I discussed the Pensions Review with Nigel, and our Head of Parliamentary and Stakeholder Affairs, Katy Little, in our latest Policy Insights Webinar, (recording and slides available in the member area). Looking at the post-event feedback, I see one of our members was even kind enough to say, ‘Fantastic presentations, presenters knew their subjects and explained in a clear and concise way.’ We appreciate the positive feedback – but it is a high standard to maintain!

We will keep you updated on the Pensions Review and our contribution to it. If you have specific questions about any aspect of this, then - as ever - just get in touch on [email protected].