TPR published its digital, data and technology strategy – a blueprint for how TPR and the industry should adapt to, and embrace, changing technology and a changing pensions market to drive better saver outcomes.
The strategy aims to:
• reduce unnecessary burden on pension schemes
• enable effective market competition
• help TPR innovate and create an environment which encourages pension schemes to do the same in savers’ interests
Paul Neville, Executive Director of Digital, Data and Technology at TPR, said: "Pensions are evolving rapidly. TPR is unlocking the transformative power of digital, data and technology to deliver a regulatory approach which delivers better outcomes for savers. Now, we are challenging the pensions industry to do the same. We aim to work with industry to design our approach which protects savers and drives innovation, competition and transparency."
The new digital, data and technology approach will:
• Reduce unnecessary regulatory burden: Schemes currently provide information to numerous agencies. TPR will explore where we can join up with those agencies where possible, to reduce burden by capturing data once and reusing it.
• Allow TPR to identify and tackle scheme risks more effectively: This will include through its first scheme-facing digital service, Submit a Scheme Valuation. The service will allow defined benefit pension providers to submit scheme valuations so TPR can assess them to determine whether schemes are funded appropriately and deliver benefits to savers.
• Deliver efficiencies within the industry: TPR says it wants to start a conversation with the pensions industry about modernising systems and improving data sharing appropriately.
• Enhance TPR’s data and technology capabilities: This will mean scheme, saver and market data can be collected at high volumes and more often, increasing the speed and effectiveness of decision making and making TPR a more efficient and innovative regulator.
• Enable innovation: TPR will explore where it can use open standards for data, such as open data served through APIs from scheme systems to enable the flow of data and drive innovation.
TPR said it will set up an industry working group to agree further detail including a focus on data and the common standards needed.
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