UK Pensions Framework baseline expected in November

The Pensions Policy Institute (PPI) is expected to publish its first report under the UK Pensions Framework, outlining a baseline for the current system, in November 2022, with plans to test some policy scenarios in the following year.

Speaking at the Pensions Management Institute (PMI) DC & Master Trust Symposium, PPI deputy director, Sarah Luheshi, emphasised that the project is "a work in progress" and will remain a long-term project for the PPI.

The UK Pensions Framework was launched at the end of the last year, with the first full analysis of the current UK pension system expected to provide a baseline for future reports and progress.

"Once we've got the baseline it’s hoped that we can have a narrative around which areas might need a bit more attention and which areas might be the forgotten areas," Luheshi explained, noting that data is likely to be one such gap.

Luheshi also confirmed that work on producing the baseline is underway, with 45 indicators currently identified by the research team, clarifying however that there are a number of nuances that need to be considered, including the time period.

"Do we do a baseline which is an absolute point in time do we try and show that there's been a journey over the last five years 10 years?" she queried.

"Or do we actually try and say that we need to be looking forward or projecting because for a younger generation? They have got much longer to get to retirement and some of these policies might take longer.

"As part of the PPI we will be using this framework to help underpin our research analysis so that we are consistent with how we view things, and I would be interested to understand how you think you might be able to use it or whether you can see other applications."

Looking forward, Luheshi said that PPI is also keen to test some policy scenarios in the following year, to consider how any gaps can be addressed, and what this might look like in practice.

She also confirmed plans for an interactive version of the framework's visual 'wheel', to give others the ability to look at the metrics and put their own take on what the system should be doing.

"It will be widely available because we think the more people have a consistent way of assessing things, the more robust our conversations can be," she added, clarifying that the framework will also be refreshed when needed to ensure that the metrics and indicators remain appropriate.

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