The Investing and Saving Alliance has urged The Pensions Regulator to strengthen its corporate strategy by making pensions adequacy for consumers more central to its long-term ambition.
TISA has made the remarks in response to TPR’s plans to update its corporate strategy over the next five years in the context of a rapidly changing pensions market. The regulator is currently seeking feedback from stakeholders on a draft version of the strategy before publishing a final version later this year.
In its response to TPR’s consultation, TISA welcomed the regulator’s system-wide approach but called for wider government to ensure major reforms are properly sequenced, tactical regulatory change is minimised, and the existing pipeline of pensions policy delivers on its potential.
Renny Biggins, head of policy, products and long term savings at TISA, says: “While we welcome the TPR’s system-wide view to encourage sustainable outcomes, its strategy should be bolder in its ambition. The ultimate aim must be a pensions system which delivers adequate retirement outcomes for consumers, supported by robust defaults, increased opportunity for informed choice and flexibility.
Further TISA recommendations to TPR included makes adequacy central to its pensions vision, improving coordination between TPR and government bodies such as the Financial Conduct Authority and Department for Work and Pensions, and addressing undersaving by supporting more targeted employer engagement.