18 December 2025
As the Pension Schemes Bill reaches second stage in the House of Lords, Glyn Bradley, Chair of the IFoA Pensions Board, said:
“The Pension Schemes Bill is a significant step in improving the UK pensions system. The IFoA supports the Government’s efforts to better support pension savers and stimulate growth in the economy.
“As the Bill progresses, there is a valuable opportunity to refine it further and deliver the strongest possible outcomes for pension savers across the UK. It is encouraging to see provisions in the Bill to promote better value for members from their pension plans. This will help to simplify the experience for savers, help them to plan their retirement and cut down on the complexity of drawing down pension income.
“There is still work to do. The Government must strike a careful balance between encouraging investment in growth assets and managing the associated risks and costs, while addressing ongoing concerns about any form of mandated investment for pension schemes.
“The Bill leaves one critical gap unaddressed, which is tackling the UK’s chronic pensions adequacy challenge and ensuring people save enough for retirement. While the Pension Schemes Bill lays a valuable foundation, it must be built upon decisively by the reinstated Pensions Commission in 2026–27."
~ENDS~
IFoA Pension Schemes Bill briefing. Institute and Faculty of Actuaries. December 2025.
Hannah Patmore, Communications Manager, IFoA
Tel: 07519106714
Email: hannah.patmore@actuaries.org.uk
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