At the centre of TPR’s vision is a landscape of fewer, larger pension schemes that deliver good outcomes for savers.
Key challenges in 2024-25 will include embedding the new defined benefit (DB) funding code due to come into effect this autumn, ensuring schemes deliver value for money, raising standards of trusteeship and driving trustees to prepare for pensions dashboards.
In years two and three of its plan, TPR will focus on the delivery of the defined contribution (DC) value for money framework, tackling deferred small pots and working with industry to develop solutions to support savers into retirement.
Chair, Sarah Smart said: “The pensions market is changing to one of fewer, larger, schemes. This presents new risks and opportunities for savers and the economy. This year’s plan demonstrates how we will address these challenges to protect savers, enhance the pension system and support innovation.
“We will encourage innovation by helping trustees support DC savers into retirement and supporting DB models and options for consolidation that protect savers.”
Chief Executive, Nausicaa Delfas, said: “This plan signals that the market should expect us to engage differently with it in the future. Our focus is not just on the fundamentals of driving high levels of compliance, but also working together to enhance the system and support innovation in savers’ interests. Internally this will involve investing in our people, developing our digital, data and technology capabilities and embedding our new structure, which aligns with our strategic priorities.”
TPR is working towards an industry with fewer schemes, all delivering good outcomes for savers. Whilst on this journey, its priorities for the next three years include:
Across the pensions industry, raising standards of:
trusteeship
data quality, and ensuring schemes meet their obligations to prepare for dashboards
pensions administration, expanding one-to-one relationships with key administrators, to increase its ability to influence saver outcomes
For Defined Contribution:
driving value by evolving its supervisory approach in master trusts with a greater investment focus
developing guidance on decumulation: encouraging new models that combine flexible and predictable retirement income streams and supported pathways for savers
ensuring compliance with existing regulations around value, in particular the value for members assessment requirements that cover DC and hybrid schemes with assets of under £100m, and working on a new framework to address value across pensions landscape
For Defined Benefit:
provide guidance on capital backed journey plans and expedite assessment of emerging market propositions, supporting innovation in DB
embedding the DB funding code and new regulatory approach to DB funding
Full TPR Corporate Plan 2024 to 2027
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