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Government reveals ideas to reinvigorate workplace pensions

Despite significant reform of the UK pensions system, the Government is concerned that people are still not saving enough towards their retirement. It has therefore issued a strategy paper considering how to reinvigorate workplace pensions and rebuild trust and confidence in pensions. We examine its main proposals.

Next steps

Key points

  • Concerned about the dual effects of an ageing population and the reluctance of working-age people to save for retirement, the Department for Work and Pensions has published a strategy document examining the key issues that need to be tackled to reinvigorate workplace pensions.
  • The paper looks at the case for a new type of pension arrangement which it labels "defined ambition", which would create scope for greater sharing of risks under pension schemes.