Policy paper

Pensions Investment Review: Final Report

The Final Report sets out reforms to the Defined Contribution workplace pensions market and the Local Government Pension Scheme in England and Wales.

• From: HM Treasury, Department for Work and Pensions and Ministry of Housing, Communities and Local Government
• Published: 29 May 2025
• Last updated: 30 May 2025 — See all updates

Documents

Pensions Investment Review Final Report

PDF, 393 KB, 32 pages

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Pensions Investment Review: Final Report

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Details

The Final Report sets out the conclusions of the Pensions Investment Review, launched in July 2024.  Legislation to implement the reforms will form part of the forthcoming Pension Schemes Bill.

The reforms will deliver a major consolidation in the Defined Contribution (DC) workplace pensions market. This will enable more investment in productive assets and greater potential returns for members of DC workplace schemes. A reserve power will also be taken in the forthcoming Pension Schemes Bill, to ensure the step-change in productive investment in the DC workplace pensions market.

The reforms will also deliver consolidation in the Local Government Pension Scheme in England and Wales (the LGPS). They will overhaul the way the LGPS invests to deliver large pools of professionally managed capital in line with international best practice, while embedding investment in local communities as a priority, placing the scheme on a stronger, more sustainable footing in the interest of members, employers and local taxpayers.

The Final Report is accompanied by the publication of responses to the two consultations published alongside the Interim Report:

• ‘Unlocking the UK pensions market for growth’

• ‘Local Government Pension Scheme in England and Wales: Fit for the future’

Published 29 May 2025

Last updated 30 May 2025 + show all updates

1. 30 May 2025

   We have uploaded an HTML version of the Pensions Investment Review: Final Report.

2. 29 May 2025

   First published.