Chancellor Jeremy Hunt’s Mansion House speech on 10 July 2023 (and the vast quantity of accompanying documents) launched a wide-ranging review of pension policy on a disparate range of topics. It was self-proclaimed as “a series of measures to boost outcomes for savers and increase funding liquidity for high-growth companies through reforms to the UK’s pension market.” In truth, it goes far beyond this, with an eclectic mix of semi-formed pension policy ideas by way of consultation responses, alongside the launch of new consultations and calls for evidence. It is a mixed bag of new ideas and older topics revisited. Taken together, they constitute a fairly radical reform agenda. However, time will tell how far implementing the programme can progress before the next general election and whether they attract cross-party support such that they will remain on the agenda whatever the outcome of the election.
Our pension partner group has analysed the detail of the reforms and summarised the key takeaways. If you have any questions or comments, please get in touch with your usual contact in the pensions team.
