Torsten Bell: This roadmap charts the course to a pensions system fit for the 21st century, with pension savers at its heart
The Department for Work and Pensions (DWP) has published an updated roadmap for workplace pension reform.
The updated pensions roadmap, which updates the timelines originally published last year, brings together the government's programme of pensions reforms, particularly those enabled by the Pension Schemes Act 2026 into what the DWP said was a "sequenced plan for delivery".
Pensions minister Torsten Bell said, while the Pension Schemes Act 2026 had set out the government's "major planks of reform", there was still more to come – noting that the changing pensions landscape requires a strengthening of trusteeship and governance and that the Pensions Commission would set out its final report early next year.
Bell said: "This is a hugely necessary reform agenda, and one that is now very much entering its delivery phase spanning government, regulators and industry. The scale of change also raises the stakes for it being implemented well."
He added: "The single biggest case for optimism about our collective ability to do so comes from the breadth of the consensus that stands behind these reforms – across parties, policy makers and the industry as a whole. The sequencing of change is also crucial, recognising both capacity constraints on organisations and the interaction of different elements of reform.
"This is why I have committed to issuing and updating this roadmap. It means everyone can see how we anticipate the next phase of the reform programme evolving, rightly responding to the calls from industry for more certainty. It takes a pragmatic approach, reflecting on valuable engagement right across the industry, for example updating delivery plans for the new value for money (VfM) regime and ensuring the timeline for guided retirements works alongside legislation to enable retirement collective defined contribution (R-CDC)."
Bell added: "This roadmap recognises both the imperative for change and the reality of what it takes to bring the reforms to life. It charts the course to a pensions system fit for the 21st century, with pension savers at its heart. We all know there is much to be done, but holding us to the course laid out in this roadmap is something even more important: the scale of the prize for doing it."
DC and CDC roadmap
DB roadmap
