Pensions Regulator publishes new corporate plan.
The Pension Regulator (TPR) has unveiled a new corporate plan for the next three years, outlining its strategies to safeguard savers' funds, encourage innovation, and enhance the pension system.
TPR plans to work towards an industry with less pension schemes, with all of them delivering good outcomes for savers. Its priorities over 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 (DC):
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 (DB):
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.
The full plan is available to read here:
https://www.thepensionsregulator.gov.uk/en/document-library/corporate-information/corporate-plans/corporate-plan-2024-27