What is the Mansion House speech – and why does it matter to you?

The chancellor will deliver her second Mansion House speech on 15 July, when she is expected to launch the government’s long-awaited pensions adequacy review.

Pension contribution rates could be reviewed as part of the shake-up in an effort to boost savers’ retirement pots, according to a report in the Financial Times.

The minimum contribution under auto-enrolment rules is currently 8% of employees’ eligible earnings with 3% coming from employers, however experts believe this is not enough for a comfortable retirement.

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As well as workplace pensions, the review is expected to focus on the state pension and retirement savings among the self-employed.

Timescales are unclear but pensions minister Torsten Bell has said auto-enrolment rates will not rise this Parliament, suggesting any reforms could take place over the longer term.

The government has previously promised to retain the state pension triple lock this Parliament, meaning it is safe for the next few years.

The Treasury declined to comment on the rumoured policies.

What is a Mansion House speech?

The Mansion House speech is an annual address given by the chancellor. Last year, Reeves delivered her inaugural address on 14 November.

The speech takes place at Mansion House in London, which is the official residence of the City of London’s Lord Mayor. Historically, it has been delivered to a room full of senior bankers and company bosses at the Annual Financial and Professional Services Dinner.

The speech is often used to sketch out future plans for the industry and is closely watched for clues on the government's next steps on regulation.

Last year, Reeves announced plans to merge the UK’s 86 local government pension schemes into more efficient megafunds.

She also spoke about addressing a culture of excessive risk-aversion, and wrote to regulators after the speech to ensure a greater focus on supporting economic growth in their remits.

What could Reeves announce in the 2025 Mansion House speech?

The pensions adequacy review could be a major feature of the Mansion House speech this year.

Pensions have been a big focus for the government since its election win, with Reeves looking to boost savers’ readiness for retirement while also using pensions as an engine for economic growth.

A pensions investment review has already been conducted, concluding earlier this year. The review focused on tackling fragmentation in the pensions market, and boosting investment in productive assets like infrastructure and private equity.

The government will turn its attention to retirement adequacy next, as it seeks to address systemic issues that mean millions are under-saving for retirement.

ISAs could also be in focus on 15 July. Reports suggest Reeves is planning to cut the cash ISA annual allowance – potentially as low as £4,000 or £5,000 – in an attempt to funnel savers into the stock market instead. The overall ISA allowance is expected to remain at £20,000.

Critics have been vocal in saying the change might not have the desired effect.

“Simply cutting the tax-free allowance on cash ISAs will not necessarily prompt equal inflows into investing products,” said Brian Byrnes, head of personal finance at savings and investment app Moneybox.

“People use cash ISAs over their stocks and shares counterparts for a multitude of reasons, including risk aversion, and reducing the amount of money these savers can put into the cash ISA is unlikely to change this mindset.”

Reeves will also set out the government’s financial services growth and competitiveness strategy at this year’s Mansion House speech.

This will involve “building on our strengths in areas including capital markets, insurance and asset management,” Reeves told industry participants at a conference in April.

The strategy will also focus on “supporting firms to innovate by ensuring they can access and develop the talent they need, and promoting the UK as a great place to do business globally”.