These activities and others are outlined in TPR’s new three-year Corporate Plan, published today.
The plan shows how the regulator will deliver against all five priorities in its recently published long-term Corporate Strategy which sets out its blueprint for the future of pension regulation to put the saver at the heart of its work.
TPR Chief Executive, Charles Counsell, said: “Following a challenging year, our Corporate Plan sets out our priorities for the next three years as we work to support scheme trustees, employers and savers in the recovery from the pandemic. The plan reflects the commitments made in our long-term strategy and builds on the work we have done in recent years to be a clear, quick and tough regulator.
“The landscape ahead is both exciting and challenging and we are determined to embrace ever more change: from the ongoing shift to defined contribution (DC) saving and market consolidation to the emergence of new technologies and the impact of climate change on trustee and employer decision making.”
The plan also tells the industry how TPR’s work will be measured. For the year ahead, TPR has set itself 15 key performance indicators that are a mixture of quantitative based, milestone and progress-based measures. Activity is aligned to TPR’s five new strategic priorities, which look at security, value for money, scrutiny of decision making, embracing innovation and bold and effective regulation.
TPR Chair Sarah Smart said: “We want to enhance and protect all savers’ pensions and in the current climate it is more important than ever we remain efficient, risk-based and proportionate in the work we do.
“The Pension Schemes Act 2021 has given us more powers and so we expect to face some difficult prioritisation decisions about where to focus our resource, based on our ambition to reduce risk to savers and given our funding is more constrained. However, by being flexible, realistic and clear about what we can and should achieve, we will adapt to ensure we meet our goal to protect savers and make workplace pensions work for savers.”
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