Chancellor Rachel Reeves is expected to announce major pension reforms in her Mansion House speech on July 15.
According to media reports, the review will examine whether workers are saving enough for retirement, looking at auto-enrolment rates, the state pension, and savings by the self-employed.
The government plans to set up a new commission to lead the process, which was delayed last year after criticism of Reeves’s Budget that increased employer National Insurance costs.
Pensions Minister Torsten Bell has confirmed that auto-enrolment rates will remain unchanged during this Parliament, indicating that any adjustments will be gradual and part of a longer-term plan.
The state pension, currently just under £12,000 a year, will also be examined as part of the review, along with its annual uprating mechanism, the “triple lock,” which the government has pledged to maintain.
The review is focused on improving retirement outcomes for future pension savers. The government does not plan to make immediate changes but is building the groundwork for major reforms over time.
