Pensions: Challenges and Choices : The First Report of the Pensions Commission - v.I

The Pensions Commission is an independent body established by the Government following the publication of the Pensions Green Paper ("Simplicity, security and choice: working and saving for retirement", Cm 5677, ISBN 0101567723) in December 2002.

The remit of the Commission is to review the adequacy of current arrangements for private pensions and retirement savings in the UK and to make recommendations on appropriate policy changes, including "whether there is a case for moving beyond the current voluntarist approach".

This is the Commission's first report which sets out its detailed analysis of the current situation and trends in place, challenges identified and options for policy responses.

The purpose of the report is to stimulate a structured, comprehensive fact-based debate about the problems facing Britain's pension system, which can contribute to the development of a sustainable pensions policy. The report is divided into nine chapters which consider a range of issues including: the demographic challenge and unavoidable choices; trends in average retirement ages; the rise and decline of the defined benefit final salary pension; future pension inadequacy if trends remain unchanged; non-pension savings and housing; options for a revitalised voluntary approach, changes to the state system or increased compulsion; women and pensions.

The Commission's second report is planned for Autumn 2005 which will include specific policy recommendations, following a public consultation period to the end of January 2005.

However, the report does make recommendations relating to improvements in official data sources, which are discussed in an appendix and listed at the end of the main report.

An executive summary (ISBN 0117027820) and a pack containing the report, appendices and executive summary documents (ISBN 0117027812) are available separately.