This week began with the long-anticipated confirmation the industry had been waiting for: the government announced the "revival" of the Pensions Commission as part of its plans to address adequacy in the second phase of the pension review.

The commission will explore the barriers preventing people from saving enough for retirement and is set to share its final report in 2027.

The industry largely welcomed the move as a “vital step forward,” though many were quick to flag the absence of any reference to the 2017 auto-enrolment reforms.

Pensions experts spoke out on the issue, suggesting that previous delays had hampered progress and that this time, thoughtful analysis must be followed by decisive action.

Underlining the importance of the Pensions Commission's work, the Department for Work and Pensions simultaneously released three reports on adequacy, covering auto-enrolment, the gender pension gap, and future pension incomes.

Among the sobering statistics: 38 per cent of UK adults aged 40-75 have no savings, and while over 22 million now save into workplace pensions, contributions remain worryingly low.

The timing of these findings, combined with the return of the commission, added weight to calls for swift and meaningful reform, though whether this marks a turning point remains to be seen.

MPs also urged the government to adopt a UK-wide, cross-departmental strategy to tackle pensioner poverty, warning that without such a plan, ambitions for a sustainable health and social care system could fall flat.

The call formed part of the Work and Pensions Committee’s latest report, following its inquiry into pensioner poverty, which showed “concerning” long-term trends, including a growing number of retirees renting privately.

Also a hot topic this week, the government confirmed pensions would be brought into scope for inheritance tax, with some changes to reflect industry feedback.

Still, some pension professionals expressed concern that alternative proposals from the Investing and Saving Alliance and Oxford Economics had been left unexplored.

Earlier in the week, the government also launched a review of the state pension age, the third of its kind under the Pensions Act 2014.

With longer life expectancy and shifting retirement attitudes, the review will explore how much of adult life is spent retired and what this could mean for the pension system.

Not to be outpaced by government updates, the industry had its own agenda this week, with major UK pension scheme investors launching the Governance for Growth Investor Campaign (GGIC).

The group aims to integrate governance as a key pillar of economic growth and UK capital market success.

The launch comes hot on the heels of the government’s Leeds Reforms, announced by Chancellor, Rachel Reeves, in her Mansion House speech last week, and after the first anniversary of the Financial Conduct Authority’s UK listings reforms.

In addition to this, the Pound for Pound initiative was publicly announced in the second half of this week at a roundtable to inform the forthcoming value for money consultation.

Established in 2024, the initiative aims to shift the UK pensions market from cost-focused comparisons to broader, value-based performance metrics, and was designed to encourage a more practical, outcome-driven approach.

On the regulatory front, the Financial Reporting Council published version 2.1 of the Technical Actuarial Standard 300: Pensions (TAS 300),reflecting updates to align with the evolving funding regime and increasing focus on scheme surpluses.

The revised TAS 300, following recent consultation, aims to provide greater clarity and ensure the standard remains fit for purpose.

In the defined benefit (DB) space, DB pension transfer values rose to £141,000 at the end of June 2025, marking the first month-end increase in XPS Group’s Transfer Value Index since the start of the year.

The index had previously fallen to record lows for three consecutive months, with values dropping to £137,000 by the end of May 2025 - matching a mid-month low seen in April.

As parliament heads into recess, the pension sector’s summer reading list is looking anything but light and come autumn, the spotlight will be on delivery and debate.

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