The Pension Regulator’s Corporate Plan published this morning sets out its objectives for the next few years and identifies key challenges in 2024-25 as embedding the new 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 DC value for money framework, tackling deferred small pots and working with industry to develop solutions to support savers into retirement.
Simon Kew, Head of Market Engagement at leading independent consultancy Broadstone, said: “The regulator’s Corporate Plan offers continuity rather than revolution as it looks to drive forward the raft of measures that have been introduced over the past couple of years including dashboards, the funding code and value for money framework.
“It is positive to see a focus on embedding existing policy to ensure positive progress for members and savers rather than following the temptation for constant innovation. Stability and continuity is essential to help stakeholders collaborate, build on these positive developments and drive long-term impact.
“While it may be not be the glitziest area in pensions, sound data and best-in-class administration will be at the heart of making many of these reforms a success so scheme managers and trustees must be prepared for further regulatory cajoling on this matter.”
