The Pensions Regulator (TPR) is using digital, data and technology to transform itself and industry in a bid to protect savers and drive innovation.
Today, TPR published its digital, data and technology strategy – a blueprint for how TPR and the industry should adapt to, and embrace, changing technology and a changing pensions market to drive better saver outcomes.
The strategy aims to:
- reduce unnecessary burden on pension schemes
- enable effective market competition
- help TPR innovate and create an environment which encourages pension schemes to do the same in savers’ interests
Paul Neville, Executive Director of Digital, Data and Technology at TPR, said: "Pensions are evolving rapidly. TPR is unlocking the transformative power of digital, data and technology to deliver a regulatory approach which delivers better outcomes for savers.
"Now, we are challenging the pensions industry to do the same. We aim to work with industry to design our approach which protects savers and drives innovation, competition and transparency."
The new digital, data and technology approach will:
- Reduce unnecessary regulatory burden: Schemes currently provide information to numerous agencies. TPR will explore where we can join up with those agencies where possible, to reduce burden by capturing data once and reusing it.
- Allow TPR to identify and tackle scheme risks more effectively: This will include through its first scheme-facing digital service, Submit a Scheme Valuation. The service will allow defined benefit pension providers to submit scheme valuations so TPR can assess them to determine whether schemes are funded appropriately and deliver benefits to savers.
- Deliver efficiencies within the industry: TPR says it wants to start a conversation with the pensions industry about modernising systems and improving data sharing appropriately.
- Enhance TPR’s data and technology capabilities: This will mean scheme, saver and market data can be collected at high volumes and more often, increasing the speed and effectiveness of decision making and making TPR a more efficient and innovative regulator.
- Enable innovation: TPR will explore where it can use open standards for data, such as open data served through APIs from scheme systems to enable the flow of data and drive innovation.
TPR said it will set up an industry working group to agree further detail including a focus on data and the common standards needed.
Notes for editors
- In a podcast published today, Paul Neville, TPR’s Executive Director of Digital, Data and Technology, provides more detail on TPR’s strategy. For an interview with Paul Neville, email pressoffice@tpr.gov.uk or call 01273 349511.
- TPR’s strategy highlights how it is already using digital, data and technology to transform its regulatory approach and deliver efficiency savings. It has already:
- secured savings of £1.76 million per year through tackling increasing Microsoft cloud costs
- used machine learning to risk assess covenant during COVID
- held deep-dive investigations, including site visits, to see how selected master trusts are improving data quality, record-keeping and member communications
- used large language models to review schemes’ annual climate reports
- tested natural language processing to “read” websites and assess them for scam signs, increasing efficiency in triaging sites for investigation
- started developing a machine learning model that predicts the probability of interest rates increasing
- In the next 12 months, TPR will deliver its Submit a Scheme Valuation, an end-to-end service for the submission of DB scheme valuations. DB schemes are now subject to new funding and investment regulations meaning they will have to provide more comprehensive data to TPR as part of their actuarial valuation. By receiving better data TPR will be able to identify and tackle scheme risks more effectively through a streamlined and data-driven approach to assessment.
- The Pensions Regulator is the regulator of work-based pension schemes in the UK. It protects savers’ money, helps to enhance the pensions market and supports innovation in the interests of savers. Our statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)
Notes to editors
Out of hours
This is for journalists only with a media enquiry. The below number will divert to our on call media officer.pressoffice@tpr.gov.uk
01273 648496
