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Managing inherent tensions

It will depend on how Reynolds manages the inherent tensions between the departments. The pensions industry would like to see higher member contributions under auto-enrolment but the Treasury may want to reduce the cost of pensions tax reliefs. 

Then there is the Treasury’s push to get pension schemes investing more in UK assets to support the economy. In her first speech as Chancellor, Rachel Reeves appeared to suggest these goals go hand in hand: 

“We will turn our attention to the pensions system, to drive investment in homegrown businesses and deliver greater returns to pension savers.” 

But there is no guarantee that stakes in illiquid assets and startups will produce the best outcomes for pension savers.  

Managing inherent tensions

It will depend on how Reynolds manages the inherent tensions between the departments. The pensions industry would like to see higher member contributions under auto-enrolment but the Treasury may want to reduce the cost of pensions tax reliefs. 

Then there is the Treasury’s push to get pension schemes investing more in UK assets to support the economy. In her first speech as Chancellor, Rachel Reeves appeared to suggest these goals go hand in hand: 

“We will turn our attention to the pensions system, to drive investment in homegrown businesses and deliver greater returns to pension savers.” 

But there is no guarantee that stakes in illiquid assets and startups will produce the best outcomes for pension savers.