Pension professionals have said that the second phase of the pensions review is a “once in a generation opportunity” for the industry to have its voice heard by the UK government.

Speaking at the Hymans Robertson Pensions & Retirement Conference 2025, Hymans Robertson head of pension policy innovation and partner, Calum Cooper, stated: “I think it does feel like today is ... a once in a generation opportunity for our voice to be heard by government in phase two.”

Adding to this, Independent Governance Group trustee director and head of policy and external affairs, Louise Davey, acknowledged that the pension industry has faced “layers and layers” of various policy initiatives and regulations, with only a few instances where a long-term approach has been taken to “fundamentally” change the pension system.

“The government has a real opportunity with phase two of the review to take a step back and think holistically,” Davey continued.

She suggested that, if she were in the government’s position, she would establish a body that spans across parliamentary parties, called a financial resilience commission, which would address issues beyond just pensions.

Davey described this as the “only way to bust out of the political cycle" and take a long-term view.

She said: “Putting something in place that brings government departments together, where housing is talking with the Department of Work and Pensions (DWP), and where long-term considerations are taken into account when making decisions about the pension system. I think that’s really what’s needed."

“Having a Pension Minister that sits across both departments [DWP and the Treasury] has the potential to be helpful, but in the industry and as trustees, we are most concerned about what is in the interest of the pension scheme members and future scheme members.

“At the moment, the balance isn’t quite in the right place, but it might be that two things meet - what’s good for the UK economy and UK growth also benefits savers.

"But I’m not convinced that is at the forefront of government’s mind at the moment.

“That balance needs to be reassessed in terms of what we should be looking at for individuals retiring in the UK.”

However, Phoenix Group director of public affairs, Tim Fassam, said pensions were already an “enormous priority” for this government, noting that the first “major” announcement Chancellor, Rachel Reeves, made four days after the election was a pensions review.

“That means they have seen that, particularly the investment elements, are absolutely critical for what they are trying to deliver on growth. There is a genuine opportunity for a win-win. It drives growth and better returns for savers,” Fassam stated.

He added that the pension industry already has the Chancellor’s attention but stressed that the key element is adequacy, which is a “tougher sell”.

“The only reason they are going to make that decision is if we keep reminding them about the danger of a future where they do not [make that decision] and keep pressure on,” he said.

Fassum also urged the government to consider a road map for higher contributions in the second stage of the pension review, emphasising: “If we don’t do it now, we are not going to come back to it for a decade. It would be a missed opportunity.”

Pensions Minister, Torsten Bell, confirmed at the Pensions and Lifetime Savings Association (PLSA) Investment Conference 2025 that the final report on the Pension Review will be completed "in the coming weeks," after the government postponed the second phase on adequacy last year.

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