On May 3, UK TPR stated better saver outcomes at the heart of plan.
Driving consolidation and better saver outcomes is at heart of UK TPR corporate plan.
Follows UK TPR Apr. 2023 confirmed value for money at heart of plan, see #170528.
Plan Overview
The UK TPR published a new corporate plan, setting out how it will now protect savers’ money, enhance pensions and innovate in savers’ interests over the next three years.
The new corporate plan has three main elements, to Protect, Enhance and Innovate.
At the center of UK TPR’s vision is a landscape of fewer, larger pension schemes that deliver good outcomes for savers, to improve the overall landscape for pension savers.
Key challenges in 2024-25 include embedding the new defined benefit (DB) funding code due to come into effect this autumn, ensuring schemes deliver value for money.
Also, raising standard of trusteeship and making trustees pension dashboards ready.
In years two and three of its plan, UK TPR will focus on the delivery of the defined contribution (DC) value for money framework, as well as tackling deferred small pots and working with industry to develop some solutions to support savers into retirement.
UK TPR is working towards an industry with fewer schemes, delivering good outcomes for savers, and while on this journey, its priorities include raising standards of data quality, of trusteeship, of pensions administration and the obligations for dashboards.
For DC schemes it will drive value by evolving supervision for master trusts, as well as guidance on decumulation and ensuring compliance with the regulations around value.
For DB schemes it will provide guidance on capital backed journey plans and expedite assessment of emerging market propositions, and embedding the new funding code.
Comment
UK TPR Chief Executive, Nausicaa Delfas, commented this plan signals that the market should expect us to engage differently with it in the future, as part of the proposals.
UK TPR's focus is not just on fundamentals of driving high levels of compliance, but working together to enhance the system and support innovation in savers’ interests.
Internally it will involve investing in people, developing digital, data and technology capabilities and embedding a new structure, which aligns with the strategic priorities.
