Source · Select Committees · Work and Pensions Committee
Recommendation 31
31
Acknowledged
Pensions adequacy review welcomed for focusing on outcomes and diverse measurement approaches.
Conclusion
We welcome the pensions adequacy review and its focus on outcomes. We note that there are different measures, which are all helpful in telling us different things, such as: replacement rates indicate the extent to which 86 people are able to maintain a standard of living throughout life; the relative poverty measure tracks how people on low income keep up with the rest of society; and the Minimum Income Standard sets out what the public agree is needed for a minimum, dignified, socially acceptable standard of living. (Conclusion, Paragraph 160)
Government Response Summary
The government confirms the Pensions Commission's terms of reference include adequacy and improving retirement outcomes for vulnerable groups, stating the Commission will consider all evidence, engage stakeholders, and submit its final report in 2027.
Government Response
Acknowledged
HM Government
Acknowledged
The Pensions Commission’s terms of reference specifically include considerations of adequacy and how to improve retirement outcomes, especially for those on the lowest incomes and at the greatest risk of poverty in retirement and groups that are currently under-saving (www.gov.uk/government/publications/pensions-commission-terms-of-reference). The Commission has begun its work and will consider all of the evidence as part of its workplan, which will also include engagement with a broad range of stakeholders before preparing their recommendations for the Government to consider. The Commission is expected to submit its final report to the government in 2027.