1、MILLIMAN WHITE PAPER Three pillars of pensions in the UK and Ireland 1 Understanding the impact of reforms,market trends and demographic changes February 2026 Three pillars of pensions in the UK and Ireland Understanding the impact of reforms,market trends and demographic changes Russell Ward,FIA Ke
2、vin Manning,FSAI Jen van der Ree,FIA Overview of the pension system in the UK and Ireland A pension is a regular income paid to an individual,typically after they have ceased full-time employment.At the most basic level,the objective of a pension is to avoid a situation where individuals are unable
3、to cease work without falling into poverty.In many countries,including the United Kingdom(UK)and Republic of Ireland(Ireland),the pension system has three layers or Pillars1:Pillar 1:State provision Pillar 2:Workplace provision Pillar 3:Private provision All layers have an accumulation phase during
4、which contributions are paid in and entitlements built up.In some cases,these entitlements are backed by individually allocated funds,in others by pooled funds and in the typical case for Pillar 1 benefits,they can be unfunded,relying on future contribution inflows.When individuals retire,there is t
5、hen a decumulation phase during which benefits are accessed to provide a pension.In this report,we consider how recent policy reforms,market trends,and demographic shifts are reshaping each of the three retirement pillars in both the UK and Ireland.We highlight the principal challenges,including cov
6、erage gaps,adequacy shortfalls,regulatory tightening,and an expanding advice deficit,whilst also identifying emerging opportunities for life insurers.Executive summary Although the three retirement pillars are conceptually similar in the UK and Ireland,reform trajectories and market dynamics differ
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