The UK pensions landscape is at a turning point. Major reforms, including the Pensions Investment Review, the Pension Schemes Act, the new Pensions Commission, and the State Pension Age Review are reshaping Defined Benefit (DB), Defined Contribution (DC), Collective Defined Contribution (CDC), and state systems alike. The decisions we make over the next five years will shape retirement outcomes for generations.
As Chair of the Institute and Faculty of Actuaries (IFoA) Pensions Board, I am proud to introduce 'An actuarial roadmap for better retirement outcomes.' This document sets out our profession’s perspective: we must deliver stability through innovation, prioritise member outcomes, and ensure policy is grounded in evidence and rigorous modelling.
Actuaries sit at the heart of this transformation. Our expertise in long-term risk management, scenario planning, and joined-up thinking equips us to turn policy ambition into practical, sustainable reality.
The UK pensions system is entering a period of profound change. We urge continued actuarial engagement with the Pensions Commission and State Pension Age Review, and other pensions initiatives.
Success depends on stable core principles around contributions, tax relief, and access; realistic implementation timelines that respect complex legacy systems and better coordination across government departments, regulators and other industry stakeholders. Actuaries stand ready to support detailed modelling, stress-testing, and delivery planning so that change works effectively for millions of savers and their families.
Pension adequacy remains one of the biggest challenges. Modern working lives, with career breaks, part-time roles, self-employment, and gig economy work, create significant gaps. Practical solutions are within reach. Flexible auto-enrolment that reaches self-employed and gig workers, expanded Collective Defined
Contribution (CDC) schemes that pool longevity and investment risk for more stable outcomes, and default guided decumulation pathways to help members navigate retirement securely.
Investment is another critical driver of retirement outcomes. We strongly support greater pension investment in the UK economy to drive growth and infrastructure, but only when it prioritises members’ best financial interests. Trustees’ fiduciary duty must remain paramount. We favour targeted incentives and a strong pipeline of investible projects over compulsion or rigid mandates, which risk unintended consequences such as herding or reduced competition. Consolidation should be market-led, preserving innovation and choice, while actuaries continue to model balanced, diversified strategies that deliver sustainable returns.
Many Defined Benefit schemes have improved funding levels and are now exploring run-on options and surplus sharing. We call for clear guidance on fair member treatment, resolution of legacy uncertainties, proportionate solutions for smaller schemes, and continued support for open DB schemes. At the same time, innovation must accelerate. The Pension Schemes Act 2026 provides an important platform through guided retirement for new collective models and flexible solutions tailored to 21st-century careers. Actuaries are ideally placed to design, stress-test, and refine these innovations so they genuinely improve long-term member outcomes.
Through this document, the IFoA Pensions Board offers a clear actuarial roadmap rooted in stability, fairness, and evidence. This is deliberately a work in progress as the pensions landscape is in flux.
We invite trustees, sponsors, policymakers, providers, and fellow professionals to engage with us. Behind the high-level vision lies detailed modelling, analysis, and practical proposals. Join our working groups, collaborate on research, and help shape a pensions system fit for 2030 and beyond.
Together, we can deliver better retirement outcomes for savers, stronger schemes, and a more prosperous economy.
Read the full document: An Actuarial Roadmap for Better Retirement Outcomes.
Read my half-time report as Pensions Board Chair: One year on: helping ensure the actuarial voice is heard in UK pensions policy | LinkedIn
