The pension systems of the United Kingdom and the Republic of Ireland are undergoing material change, driven by policy reform, demographic pressures, and evolving market dynamics. Both countries operate three-pillar retirement systems—state, workplace, and private—with each facing distinct challenges related to coverage, adequacy, regulation, and advice. In this paper, we consider how recent policy reforms, market trends, and demographic shifts are reshaping each of the three retirement pillars in the two nations. We also identify emerging opportunities for life insurers. Highlights from our discussion of the three pillars include the following:

• Pillar 1 – State provision: In the United Kingdom, weak economic growth, an aging population, and generous benefit indexation are driving up the cost of the New State Pension as a percentage of gross domestic product; Ireland faces a steep projected increase in the dependency ratio to 55% in 2065, up from 23% in 2023.
• Pillar 2 – Workplace provision: Both markets continue to shift from defined benefit to defined contribution plans; auto enrolment is much more mature in the United Kingdom, while Ireland’s new scheme begins in 2026 and may benefit from the UK experience.
• Pillar 3 – Private provision: Voluntary individual savings remain critical for eventual retirement adequacy, yet participation outside higher-income cohorts remains thin, with median-income workers relying heavily on Pillar 2 and cash savings.