New plans “resurrect” genuine pensions for millions of private sector workers
What was announced
Around 17 million private sector workers now saving into a pension will be given the option of an income in retirement, closing the gap with pensions seen in the public sector, under government plans for default pensions launched today.
Key points, in the publisher's words
- Private sector workers to enjoy a pension that lasts throughout retirement, something public sector workers take for granted.
- Automatic enrolment got private sector workers saving, now the next step in rebuilding workplace pensions is a default pension for life.
- DC savers to be given a new option, offering many of the benefits of DB pensions, with introduction of retirement collective pensions.
Figures in this announcement
Each line is quoted from the original. Figures are as the publisher stated them on the day.
- “In 2025/26, around 46% of first-time pension pot accesses involved the pot being fully withdrawn and this is not just a UK challenge, with many countries, including Australia leaving individuals facing risk and fear in retirement.”
Who and where
People
- Torsten Bell (MP for Swansea West (Labour)) · more news
UK bodies of power
- Department for Work and Pensions (UK government department) · more news
- Financial Conduct Authority (other) · more news
- The Pensions Regulator (executive non-departmental public body) · more news
Constituencies of the MPs named: Swansea West.
Where this sits in the 10 levels of power
Topics, as GOV.UK files them: Pensions and ageing society.
Receipt
- Original: https://www.gov.uk/government/news/new-plans-resurrect-genuine-pensions-for-millions-of-private-sector-workers
- Published 2026-11-03 09:19:43 UTC
- Read by this site 2026-11-03 09:30:04 UTC from GOV.UK
- Saved copy: receipt 7227, with its SHA-256 fingerprint
Contains public sector information licensed under the Open Government Licence v3.0.
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