Reports and Briefing Notes

The new pensions landscape

The ABI, CII, DWP, the People's Pension and the PLSA sponsored the PPI to publish a report on "The new pensions landscape".  

The pensions landscape has changed significantly since 2003 with reforms, including those arising from the Pensions Commission’s reports. Some of these policy changes were introduced in isolation, such as freedom and choice, though many were part of an overall policy agenda aimed at working longer, higher saving levels and maintaining the sustainability of the State Pension. However, it is not yet clear how these reforms will work together, and what the overall impact on individuals is likely to be. The PPI has therefore undertaken research to look at the potential impact of all of these combined reforms and the effects on individuals and the government.  

The report finds that future cohorts of pensions may have lower levels of pension income than those recently retired, although pensioners are better off on average than they have ever been. Despite this, 1.6 million pensioners are still living in poverty. 

Chapter one provides an overview of the policy reforms that have taken place between 2003 and 2016.

Chapter two considers elements of the wider pensions landscape that have changed during the same period of time.

Chapter three provides findings from new PPI modelling that projects the possible outcomes from these policy and landscape changes.

Chapter four considers the policy implications of these developments.

Executive Summary