UK – The new Pension Commission, set up by the government to review private pensions and long-term savings, plans to issue its first report in two years’ time.

“It is anticipated that the first report, including preliminary recommendations, will be complete by summer 2005,” the commission says. There would be an interim report planned for mid-2004.

The commission says it will focus on eight areas: demographics, retirement behaviour and trends, savings behaviour, impact of state pension on private savings, the economics of private pension provision, adequacy and expectations, macro-economic issues and the modelling of pension adequacy.

The chairman of the commission, Adair Turner, said: “The work plan sets out the key areas of analysis needed to assess the UK’s pension system and whether there is a case for moving beyond the current largely voluntarist approach.” Turner is also vice chairman of Merrill Lynch Holdings.

“We expect to make recommendations in two to three years time but this does not preclude making early recommendations. If there are things to say, then we will say them.”