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The Final Report sets out the conclusions of the Pensions Investment Review, launched in July 2024. 聽Legislation to implement the reforms will form part of the forthcoming Pension Schemes Bill.

The reforms will deliver a major consolidation in the聽Defined Contribution (DC) workplace pensions market. This will enable more investment in productive assets and greater potential returns for members of聽DC workplace聽schemes. A reserve power will also be taken in the forthcoming Pension Schemes Bill, to ensure the step-change in productive investment in the DC workplace pensions market.

The reforms will also deliver consolidation in the Local Government Pension Scheme in England and Wales (the LGPS). They will overhaul the way the LGPS invests to deliver large pools of professionally managed capital in line with international best practice, while embedding investment in local communities as a priority, placing the scheme on a stronger, more sustainable footing in the interest of members, employers and local taxpayers.

The Final Report is accompanied by the publication of responses to the two consultations published alongside the Interim Report:

• 鈥楿nlocking the UK pensions market for growth鈥�

• 鈥楲ocal Government Pension Scheme in England and Wales: Fit for the future鈥�