PPI launches UK Pensions Framework to assess pensions system

The Pensions Policy Institute (PPI), in association with Aviva, has launched the UK Pensions Framework, a tool designed to support the analysis of trends, issues and outcomes in the UK pensions system.

It aims to help understand the changing pensions landscape by facilitating the measurement and explanation of differences in financial security and experiences that people have in later life, how they change over time, and the potential impact of new policies.

The framework’s first full analysis of the UK pension system is expected to be published in Q4 2022 and annually thereafter.

It will evaluate the adequacy, sustainability and fairness in the UK state and private pension systems, which will overall determine the financial security of people in later life.

Looking through the lens of individuals, households, employers, the industry and the government, the PPI aims for the framework to provide a systematic approach to examining and stimulating change in the UK pension system.

The findings will be used to build a “clear picture” of how the strengths and weaknesses of the pension system are evolving.

The launch report, published today (14 December), consists of five papers that detail an overview of changes in the UK pensions system, the framework's design and content, and an illustrative case study.

Commenting on the launch of the framework, PPI research associate and report author, Anna Brain, said: “The UK pensions landscape is going through a period of rapid transformation in response to the impact of economic, demographic and policy change.

“There is now a pressing need for a dedicated UK framework which can support consistent analysis of what strengths, weaknesses and impacts of the current pension system mean for the retirement prospects of people and their families, recognising that every retirement journey is different.

“We also need to understand how outcomes are related to each other, what they mean for the longer-term role of employers, the pensions industry, and the government in the system.

“The PPI’s UK Pensions Framework aims to support the development of the future of pensions policy by allowing stakeholders a coordinated and holistic view of changes across the system for the first time.

“The framework also goes beyond a one-dimensional view of changes by showing how policy reforms are affecting key parties, what secondary effects may occur and where trade-offs might exist.”

Aviva CEO, UK & Ireland Life, Doug Brown, added: “The UK’s pension system, and the policy that underpins it, is not just important for pension savers but is fundamental to society more generally.

“The PPI’s framework is an impressive piece of work. It’s a powerful, practical tool which I’m confident will help ensure pensions are fair, sustainable and will better enable people to enjoy the retirements that they deserve.”

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