SMF Briefing: Pensions policy for the next parliament

The pensions landscape is complex and unsustainable in its current form. This report proposes a vision for a simpler, fairer and more sustainable pensions landscape, incorporating the three pillars of State Pension, workplace provision and personal provision into a holistic framework.

This paper builds on the SMF paper published in December 2023, which argued for ‘member choice’ in pensions. With such a proposal under consideration by the Government, it addresses some common questions and misapprehensions.

In the Autumn Statement 2023, the Chancellor announced a call for evidence on a lifetime provider model for pensions. This briefing, with a foreword from pensions minister Paul Maynard, details a “member choice” proposal, which would simplify the pensions market by allowing individuals to move towards having one pension pot for life, thereby helping to tackle the long-standing problem of “small pot” pensions.