London, 15 July 2025

This silence marks a missed opportunity to address the long-term adequacy and sustainability of the UK’s pensions system.

Phase 2 of the review is a critical moment to rethink how we support people across their financial lives. Yet today’s speech offered only limited signal that the government is ready to embrace the scale of reform needed.

“Retirement adequacy cannot be solved in isolation,” said Helen Forrest Hall, PMI’s Chief Strategy Officer. “We must break down product silos and build a lifetime savings framework that reflects how people actually live—balancing pensions, ISAs, housing and emergency savings.”

The Institute urges the government to reassert its commitment to Phase 2 and engage with stakeholders to deliver a system that works for people, not just products.