13 July 2026
If you are covering the closing of the Pension Commission's call for evidence and the two new DWP reports 'Lived Experiences of Adequacy in Retirement 2026' and Pension Decumulation & Decision-making, please see the following comment from Adam Cole, retirement specialist at Quilter:
"The timing of the Department for Work and Pensions' recent Lived Experiences of Adequacy in Retirement and Pension Decumulation and Decision-making research is significant, coming just as the Pensions Commission's call for evidence closes. Together, they highlight that the challenge facing the UK is no longer simply getting people into pensions, but ensuring they have enough saved and the support needed to use those savings effectively.
"The UK has been remarkably successful at getting people into pensions over the past decade. Automatic enrolment transformed retirement saving habits and helped millions begin putting money aside for later life. However, getting people to save was only ever the first step. The next challenge is ensuring those pensions are big enough to deliver the retirement people expect. That will require difficult conversations about saving more than default amounts Automatic Enrolment prescribe. Ultimately it needs to revolve around planning earlier and building a system that gives people the confidence to prepare for the long term.
"The findings from both reports reinforce that retirement adequacy is about more than income alone. People's retirement outcomes are shaped by housing, health, family circumstances and financial resilience, while many still struggle to navigate retirement decisions confidently or understand the choices available to them. As the Commission considers the future of the pensions system, the focus now needs to shift from participation towards adequacy, preparedness and confidence.
State Pension
"The State Pension remains the foundation of retirement income for millions, providing the stable income floor that underpins retirement security. However, the long-term sustainability of the current triple lock cannot be ignored. The Commission should consider a long-term replacement that better links pension increases to the wider prosperity of the country while maintaining protection during periods of higher inflation. That would create a fairer, more sustainable and less politicised settlement for future generations.
"The transition to the new State Pension also remains ongoing. By August 2025, of the more than 13 million people receiving the State Pension, 4.7 million were receiving the new State Pension. This means a significant proportion of pensioners remain in the legacy system, underscoring the importance of considering the impact of any future reforms across both old and new State Pension cohorts.
Automatic enrolment and the self-employed
"Automatic enrolment has been one of the UK's greatest policy successes, but the next phase of reform needs to focus on adequacy rather than participation alone. The Commission should set out a roadmap towards broader coverage, bringing younger workers into pension saving earlier and gradually increasing contributions over time.
"At the same time, policymakers should explore how the principles of automatic enrolment can be extended to the self-employed through mechanisms such as self-assessment. However, any future system must preserve choice and ensure those already saving through private pensions continue to benefit from existing pension tax incentives.
Voluntary saving, support and choice
"While significant progress has been made on the State Pension and automatic enrolment, voluntary saving remains the weakest pillar of retirement provision. The evidence also shows that many people delay or avoid important retirement decisions because they lack confidence in navigating an increasingly complex system. Improving access to financial education, targeted support and simpler advice will therefore be crucial if people are to take greater responsibility for their retirement outcomes.
"The Commission has a once-in-a-generation opportunity to improve retirement outcomes. Its recommendations should be built around choice supported by structure, helping people make better decisions without removing the flexibility that pension freedoms provide."
