The Pensions Review Overview

The Review will centre on three key questions which we will explore in depth:

• Are people saving appropriately for retirement, in terms of both the amount and the form of saving, and if not, how can government policies help?
• How should the state support people from late working life into and through retirement?
• Do people require more assistance to use their wealth appropriately through retirement?

Throughout the project, a key cross-cutting theme will be the risks facing savers and pensioners regarding their standard of living in retirement. With the demise of private sector defined benefit arrangements, of state earnings-related pensions and of annuities, individuals are increasingly bearing all the risks associated with accumulating saving for retirement, and with decumulating their pension pots through retirement, in a way which was not true in the past.

We will undertake careful empirical analysis to understand recent economic trends and how people have responded to previous pension reforms. In addition, we will talk to policymakers, those in the pensions industry and those representing different groups of individuals to understand the key challenges and trade-offs. Alongside this project there will be a separate piece of public engagement work.

The Review will be launched at a public event in April 2023. Preliminary findings will be published throughout the following two years, with the first main report in Autumn 2023. We will publish our key findings and recommendations for reform at launch events in London and Edinburgh in early Summer 2024.

If you have a professional or research interest in the subject of pensions or financial security in retirement and have insights to share, we would love to hear from you at: pensionsreview@ifs.org.uk.