Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment he has made of the progress of reform of the private pension system.

We are committed to making reforms to the workplace pensions system to deliver better outcomes for UK savers and pensioners and to increase productive investment in the UK economy.

We have already completed our landmark Pensions Investment Review, which reported in May 2025. The Pension Schemes Bill, which was introduced in June, will legislate for the outcomes of the Review, in addition to other reforms to the pensions system. Our Bill Impact Assessment shows around 20 million savers could benefit and an average earner saving over their career could have around £29,000 more in their defined contribution pension pot at retirement as a result of the package of measures.

Additionally, the Bill will unlock some of the estimated £160 billion of surplus funds from well-funded Defined Benefit pension schemes to benefit sponsoring employers and members, with appropriate safeguards in place to protect members.

In July we launched the next phase of our reform agenda. The time is now right to finish the job started by the Turner Commission two decades ago and that is why we have revived the Commission, which is led by Baroness Jeannie Drake, Sir Ian Cheshire and Professor Nick Pearce. The Pensions Commission will make recommendations to ensure we have a pensions system that is strong, fair and sustainable.

Our reforms will also boost investment and growth in the UK. The Mansion House Accord will see leading workplace pension providers invest 10% of their workplace portfolio in productive assets such as infrastructure, property, and private equity. At least half of this will be in the UK.