The Pensions Regulator (TPR) is driving a transformation in how the pensions industry uses data and digital technology to deliver improved outcomes for savers. With an ambition to innovate and collaborate, Paul Neville, Executive Director of Digital, Data and Technology (DDaT) shares the latest vision, opportunities and priorities, developed through a newly established industry working group, to see schemes harness the power of technology to shape better retirements.
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This month marks the fifth anniversary of our Pledge to Combat Pension Scams campaign. The threat of scammers is ever-present, and trustees and administrators have a crucial role to play in protecting their members by making the Pledge. While national initiatives like the BBC’s Scam Safe week – which we are supporting this week – help raise awareness, it’s the pensions industry who are best positioned to warn and protect pension savers.
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In this blog, Dr Marion Lean reflects on The Pensions Regulator’s second innovation event and the co-creation of seven design principles to guide innovation in workplace pensions. She explores how TPR is using design-led approaches like co-design and hackathons to foster creativity, collaboration and user-centred thinking across the industry. With over 50 leaders in attendance, the recent event marked another bold step towards building a more inclusive, transparent and future-focused pensions system.
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We are consulting on a new enforcement strategy that reflects our evolution into a more proactive, prudential regulator. In this blog, Gaucho Rasmussen sets out our targeted, outcomes-driven approach to using our powers – focused on behaviours and risks that matter most to savers. For trustees and industry bodies, it offers greater clarity and confidence. We welcome views to help shape a strategy that supports high standards and strengthens trust in the workplace pensions system.
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Fraudsters are using increasingly sophisticated impersonation tactics to target savers’ pensions.
The enhanced intelligence we and our partners are developing means we can detect these threats and take action to prevent harm earlier. What we are seeing makes it clear that schemes must tighten their security – and take action to protect their members.
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Recently published research has revealed the scale of the challenge facing defined contribution (DC) savers, particularly renters and those without other savings. The findings should be a wake-up call for trustees, highlighting that generic solutions are unlikely to be enough. Patrick Coyne, Interim Director of Pensions Reform at The Pensions Regulator (TPR), asks trustees to consider their decumulation strategies now to deliver better retirement outcomes.
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In today’s pensions landscape, awareness of and managing systemic risks is not a “nice to have”, it’s a core part of effective trusteeship.
Climate change, nature loss, and other systemic risks are not abstract concerns. Where they are financially material, trustees have a duty to understand and manage them as part of their fiduciary responsibilities. Strong investment governance is essential, especially in complex areas such as environmental, social and governance (ESG) and private markets.
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Pensions dashboards will transform savers’ engagement with their retirement savings. Department of Work and Pensions data shows 8 in 10 savers want to use one, but new figures from TPR show scheme data still needs work. With the legislative deadline fast approaching, the pensions industry must ensure it is ready, and that high quality data enables savers to reap the benefits of dashboards.
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Embracing digital, data and technology (DDaT) is an important way the pensions industry can boost saver outcomes and help grow the economy. Paul Neville, Executive Director of DDaT at The Pensions Regulator (TPR), explains how we are supporting this with the creation of a new industry working group.
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The Pensions Regulator (TPR) has launched an Innovation Support Service to create an environment that helps industry build solutions with savers at their heart. The regulator’s Head of Innovation and Design Practice, Marion Lean explains how TPR has already begun this process with the service’s first event – an innovation hackathon.
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