Royal London reaction to Pensions Review
Commenting on the Pensions Review Phase 2, and the launch of a new Pensions Commission, Royal London's Director of Policy Jamie Jenkins comments:
"The Pension Schemes Bill largely sets out the strategic direction for retirement saving over the next five years, and the formation of a new Pensions Commission will allow us to look beyond 2030 and consider how we improve retirement saving further in the decades ahead, considering the balance between State provision and private saving, and the role that savers themselves play in planning for their retirement.
"While now might not be the right time to raise contribution levels, given other financial pressures, we can’t ignore the more daunting prospect of an increasingly large and widely underserved population of people in retirement. So now is the time to make a plan to remedy this in future.
"The government’s analysis also reveals the stark 48% gender pensions gap in private pension wealth for women and echoes our own insight. Royal London’s Financial Resilience Report found that men have an average of £92,000 in their pension pots, while women have only £39,000, and we know that more than half (54%) of women say they do not feel confident when saving for retirement, compared to 41% of men.
"We need certainty on the long-term direction of travel for private and State pensions and to ensure the system works well for everyone, so the Pensions Commission’s promise to look at the complex reasons underpinning why people are not saving enough and make recommendations to address this are very welcome."
For further information please contact:
Lora Coventry, Senior PR Strategy Manager
- Email: lora.coventry@royallondon.com
- Mob: 07919 170673
About Royal London
Royal London is the UK's largest customer-owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we're able to take a long-term view, focusing on supporting better outcomes for our customers.
Today, Royal London looks after 8.4 million life and pension policies, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.
We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women's Team, supporting women's and girls' rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what's right for our customers.
Royal London works for you.
Discover more at royallondon.com.
*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.
**Figures quoted are as at 30 June 2026.
