'Kickstarting Economic Growth': Hymans Robertson comments on the Chancellor's speech

Commenting on the Chancellor’s speech, ‘Kickstarting Economic Growth, Calum Cooper, Head of Pensions Policy, Hymans Robertson says:

“Today’s speech from Rachel Reeves reiterates that DB pension scheme surplus sharing is the way she believes that DB pensions can help kickstart the UK economy. As a firm, this was our first wish for 2025 and we welcome the mention of this so early in the year.
 
“DB surplus reform is a key element in unleashing the full sustainable growth potential of our £3trn of pensions to drive a better future for pensioners, enterprise and for the planet. The prize is huge, but the effort to get this right is key. It will require ‘careful implementation’ and must meet the needs of pensioners first and foremost. But, to stop there would have been to leave tremendous sustainable growth on the table where it might be lost to future generations in the UK. It’s great to see the Government being bold and resetting the national tone away from risk prevention. It’s time to reconnect pensions with our economy and re-kindle our spirit of enterprise and entrepreneurial growth. The role pensions can play in this is phenomenal, and Government has fired the starting gun.
 
“We encourage the Government to continue to be bold and creative and think about how Phase 2 of the delayed Pensions Review can reduce our tax burden and further stimulate sustainable growth and better pensions: it can be done.”