While automatic enrolment for eligible workers has transformed pension participation, the Commission’s findings show that this success has not translated into adequate retirement outcomes for millions of people. With around 15 million people currently undersaving for retirement, piecemeal reform will not be enough to meet the challenges ahead. 

Helen Forrest Hall, Chief Strategy Officer at the PMI, said:“ 

“The Pensions Commission’s interim report is a wake‑up call. Automatic enrolment for workers transformed participation, but the job is unfinished and the risks are growing. 

“With 15 million people undersaving, incremental change will not be enough. The Pension Schemes Act is a strong start, but the industry needs bold and innovative solutions on the scale of automatic enrolment to deliver adequate retirement incomes. We call on the Pensions Commission to be brave in its recommendations and build cross party consensus for an enduring reform roadmap. 

“Trustees, scheme professionals and providers have a critical role to play, and the PMI looks forward to working with the Commission to help shape ambitious, deliverable reforms with clear implementation timelines that drive confidence in the pensions system.” 

PMI welcomes the Commission’s call for views and looks forward to engaging constructively as it develops its final recommendations ahead of its report in 2027.  

Many of the issues being highlighted by the Commission, including falling home ownership, were examined in the PMI’s Lifetime Savings Initiative (LSI) which asked how can we help people save in ways that are both sustainable and flexible so they can prepare for retirement while also meeting life’s immediate needs. The PMI invites the Commission to study the LSI White Paper.