Making pensions work for Britain - Pensions Investment Review
Source: gov.uk (2025-06-16)

We worked closely with HM Treasury as it undertook the Pensions Investment Review, focused on improving returns for Defined Contribution savers.

GAD’s expertise and insight has supported the government’s work in carrying out the Pensions Investment Review and consultation process.

The Pensions Investment Review: Final Report and consultation responses (https://www.gov.uk/government/collections/pensions-investment-review-final-report-and-consultation-responses) was published on 29 May 2025.

It focused on improving returns for Defined Contribution savers and unlocking investment potential within the LGPS in England and Wales.

These reforms ensure better outcomes for savers and support the sustainability of the LGPS, as set out in the Pension Schemes Bill (https://bills.parliament.uk/bills/3982/publications) which was published on 5 June 2025.

The report is published together with the responses to the 2 consultations:
- Unlocking the UK pensions market for growth (https://www.gov.uk/government/consultations/pensions-investment-review-unlocking-the-uk-pensions-market-for-growth)
- Local Government Pension Scheme in England and Wales: Fit for the future (https://www.gov.uk/government/consultations/local-government-pension-scheme-england-and-wales-fit-for-the-future/outcome/local-government-pension-scheme-england-and-wales-fit-for-the-future-government-response)
GAD’s support

GAD provided advice and expertise during the preparation of the Pensions Investment Review report, and provided support through GAD actuary Scott Madden, who was on secondment to HM Treasury throughout the process.

Working closely with policy colleagues, Scott provided strategic input and policy development, contributing public and private sector pensions expertise. As part of the Whitehall team, he played a pivotal role in extensive engagement with industry and cross-government policy stakeholders and supported a broad range of government functions - from the early stages of drafting legislation to preparing communications for ministerial announcements such as the Chancellor’s Mansion House address.

Complex, fast-paced and high-profile

Siobhan Amutharasan, Senior Policy Adviser, from HM Treasury commented: “The pensions investment review has been a complex, fast-paced and high-profile programme of work - timely, expert and insightful actuarial advice has been critical to its delivery.

“GAD support, particularly through a secondee actuary in the team, has meant every stage of policy development benefitted from a range of perspectives, including those with experience of public and private sector pensions investment.

“From technical drafting to strategic planning, to stakeholder engagement - support from GAD has brought specialist knowledge, challenge and creativity in support of our policy aims.”

GAD Actuary Eva Grace was part of the project team and commented: “It has been a privilege to work with government policy officials, combining our pensions investment experience with their policy knowledge.

“Officials would challenge us to understand how developments can lead to improved outcomes. Some of those challenges have been difficult, but that’s exactly where government can help create solutions. We’re pleased to now be talking with stakeholders and looking at how the impact of new policy can be measured.”

AI technology as support

As part of work to support the government policy team with the consultation process, GAD made use of AI technology as a supportive tool to supplement the detailed manual review and analysis of consultation responses carried out by officials. This allowed key themes in the approximately 500 responses received to be identified, aiding understanding and supporting the development of insight into the data.