The renewed focus on under saving is timely and necessary. We particularly welcome the Commission’s intent to address poor outcomes among groups most at risk. We also welcome the review of the sustainability of the state pension system and the State Pension Age (SPA), recognising the importance of long-term resilience and intergenerational fairness.

The PMI urges the Commission to take a broader perspective - one that considers an individual’s lifetime financial security, not simply pensions in isolation. A holistic approach is essential to meet the evolving needs of savers.

While the Government’s decision not to raise employer contributions provides short-term certainty for business, it is vital that the Commission and Government commit to a clear timetable for implementing recommendations. The delay following the 2017 review hindered progress; this time, decisive action must follow thoughtful analysis.

The PMI is the UK's leading professional body dedicated to supporting and developing experts who manage UK pension schemes, with over £1 trillion invested across the pensions and lifetime savings sector. Our members lead in every aspect of pension management, ensuring the best outcomes for scheme members. The PMI looks forward to bringing this wide-ranging insight to the Commission’s vital work and engaging constructively to build a sustainable lifetime savings system that drives good retirement outcomes for all savers.

“We welcome the launch of a second Pension Commission and the appointment of such a distinguished panel, including Baroness Drake whose legacy in shaping the UK’s retirement system is profound. This is a vital opportunity to tackle under saving and improve outcomes. With decades of inadequate savings ahead of us, we urge the Commission to take a holistic view of lifetime financial security and to set a clear timetable for reform—to avoid further delay.” — Ruston Smith, PMI Chair