Chancellor Rachel Reeves is set to announce the launch of the second phase of the pensions review, focusing on pensions adequacy, at her Mansion House speech later this month, alongside plans to examine the state pension, reports have suggested.

An article from the Financial Times said that Reeves will announce plans to appoint a commission to lead the pensions adequacy review, looking at auto-enrolment rates alongside the state pension and retirement savings of the self-employed.

Industry experts previously urged the governmentto launch the second phase of the review "sooner rather than later" amid concerns that many savers are still not saving enough, with widespread disappointment over the news that the bill was not laid before the end of last year, as initially suggested by the government.

And whilst the government recently suggested that the review would be launched "in the coming months", some commentators expressed disappointment that the government did not take advantage of earlier opportunities to address adequacy concerns, warning that "time is running out" to address pension adequacy issues.

And any changes following the review could be a long-term piece of work, as LCP also noted that any legislation off the back of phase two of the review could take "years" to implement.

"With every passing year that this issue goes unaddressed, time is running out for people already well through their working life to have the chance for a decent retirement," Webb stated.

However, Pensions Minister, Torsten Bell, has repeatedly hit back at claims that the second phase of the review had been postponed, branding the suggestion that this issue had been kicked into the long grass as "nonsense".

Industry organsiations have already been sharing insights and recommendations in anticipation of the review, including calls for reform from the Institute for Fiscal Studies, as well as analysis of potential adequacy measures, and concerns over the potential impact on small businesses.

The Work and Pensions Committee (WPC) also launched an inquiry into pensioner poverty, looking at the costs that should be covered by the state pension and other pension age benefits, in anticipation of the second phase of the review.

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