Chancellor publishes terms of reference for phase one of pensions review

Article summary

The Chancellor has published the terms of reference for phase one of the pensions review. As previously announced by the Chancellor on 20 July 2024 as part of its pre-election manifesto pledge, the pensions review will be led by the joint HM Treasury-Department for Work and Pensions Minister,  Emma Reynolds MP, and will focus on defined contribution workplace schemes and the Local Government Pension Scheme (LGPS). The first phase of the review will focus broadly on investment and is set to report its initial findings later in 2024, which will be ahead of the introduction of the Pension Schemes Bill. The second phase is set to begin later in 2024 and, alongside investments, will consider further steps to improve pension outcomes, including retirement adequacy. The review secretariat is also set to consult with the pensions industry as it develops its analysis and policy options.