UK Set to Overhaul Pension System with New Review Commission

British Finance Minister Rachel Reeves is expected to unveil sweeping reforms to the UK pension system during her upcoming Mansion House speech on July 15, according to the Financial Times. The centerpiece of the plan is the launch of a new commission tasked with a comprehensive review of pension adequacy across the country.

The commission will assess critical elements of the UK retirement system, including auto-enrollment rates, the state pension, and the level of retirement savings among self-employed workers—an area often overlooked in traditional pension planning. Sources familiar with the initiative say the review will also evaluate how much companies and employees are contributing toward retirement, amid growing concerns that current savings levels may fall short of supporting future retirees.

This marks one of the first major policy initiatives under Reeves’ leadership, signaling a strong focus on long-term financial security and sustainable retirement planning. The move comes as Britain faces increasing pressure to adapt its pension system to evolving work patterns and an aging population.

By addressing gaps in pension coverage and strengthening auto-enrollment mechanisms, the government aims to ensure that more workers, especially those in the gig economy or self-employment, have adequate retirement savings. The review could pave the way for legislation mandating higher employer contributions or expanding access to pension schemes.

Reeves’ proposed overhaul is likely to spark debate across political and financial sectors, particularly among businesses who may face increased obligations. However, pension experts say the reforms are a necessary step to secure the UK’s retirement future and reduce long-term reliance on state support.

The commission’s findings are expected to guide pension policy for the coming decade, shaping how millions of Britons prepare for retirement in a changing economic landscape.