Pensions Commission: Terms of Reference
This document sets out the terms of reference for the Pensions Commission.
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The government announced a two-phase review of the pensions system days after coming into office in July 2024.
The Pensions Investment Review, which published its final report in May 2025, recommended a series of measures that will reform the pensions landscape in order to boost savers’ pension pots and promote productive pension scheme investment to grow the UK economy. These reforms have been set out in the Pension Schemes Bill.
The Pensions Commission will build on these foundations and make recommendations to the government on the broader questions of adequacy, fairness, and sustainability to guide the long-term future of our pensions system. The Pensions Commission will be undertaken by Baroness Jeannie Drake, Sir Ian Cheshire and Professor Nick Pearce.