11 July 2025
Ahead of the Mansion House speech to be delivered by UK Chancellor Rachel Reeves on the evening of 15 July, Glyn Bradley, Chair of Pensions Board at the 羞羞视频 (IFoA), said:
鈥淚t is now time to review the workplace and state pension frameworks, including for the self-employed, and more importantly to make some decisions on how to help UK pension savers achieve a comfortable retirement. This might not mean immediate change but putting a roadmap in place for the future will help individuals and their employers to plan.
鈥淭he IFoA is very supportive of guided retirement products that help individuals drawdown on their pension. We would like to see a clear, rapid path to their introduction in the UK. This includes options like 鈥榬etirement only鈥� collective defined contribution schemes. Another area that requires immediate attention is the take up of pensions advice and guidance. Whether through encouraging better usage of government services like 鈥楶ensionWise鈥� or through allowing those who can pay for advice from their pension pot, more access to advice will help UK savers plan their retirement.
鈥淔inally, a pensions adequacy review needs to think about pensions in a wider world. We would like to see a focus on the way people are encouraged to think about their pensions throughout their working life 鈥� this includes through better communication and enhanced provision of information, advice and guidance鈥�.
~ENDS~
Hannah Patmore, Communications Manager, IFoA鈥��
Tel: 07519106714鈥��
Email: hannah.patmore@actuaries.org.uk 鈥�
The 羞羞视频 (IFoA) is a royal chartered, not-for-profit, professional body.鈥��
Research undertaken by the IFoA is not commercial.鈥� As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.鈥���
Actuaries provide commercial, financial and prudential advice on the management of a business鈥檚 assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.鈥�
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd鈥檚 of London.鈥�
Members are governed by the 羞羞视频. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.鈥�
The IFoA is available to provide independent expert comment to the media on a range of actuarial-related issues, including COVID-19 and its long term consequences, mortality, pensions, life and general insurance, health and care, finance and investment, climate change and sustainability, systems thinking, uncertainty and judgement, and risk management.鈥�