The Pensions Regulator (TPR) has unveiled its 2025/26 Corporate Plan, setting out how it will help prepare the industry for the changes expected under the upcoming Pension Schemes Bill.
The plan focuses on delivering better outcomes for savers and raising standards across the pensions sector. TPR says it will ensure savers are enrolled into schemes that deliver value, with continued high levels of employer compliance on automatic enrolment.
TPR says it will work with government and industry to strengthen trustee standards and investment governance, supporting more diversified, resilient portfolios.
It will also keep pressure on schemes to prove they are delivering value for money, working closely with the Department for Work and Pensions and the Financial Conduct Authority on a value-for-money framework for defined contribution (DC) schemes.
TPR also plans to support better retirement outcomes by encouraging the development of appropriate decumulation options that help members convert their DC savings into income.
TPR is also shifting to a more prudential regulatory model, addressing systemic risks as well as those at scheme level. Its recent initiatives include a new master trust supervision approach, a digital and data strategy, and an innovation support service.
TPR chair Sarah Smart says: “Automatic enrolment has turned millions into savers. We now need to make sure those savings deliver real value in retirement. That means a pension system that is efficient, effective, and removes needless barriers to investment. Our Corporate Plan shows how we will work with industry and government to achieve our goals.
“The market is changing, along with the expectations of trustees. Schemes must be well governed, powered by high-quality data, and open to innovation. Those that can’t deliver should consider consolidation, in the interests of savers.”
TPR chief executive Nausicaa Delfas says: “Our focus remains clear: to protect, enhance, and innovate to deliver genuine value for money.
“The Pension Schemes Bill will reshape the market, driving consolidation into mega schemes that can boost governance, scale up savings, and support the UK economy.
“Building on this, real progress depends on industry-wide collaboration to ensure people get the retirement they deserve. That is why we will be focusing on raising standards of trusteeship and investment governance, driving value for money in pensions schemes, and creating default retirement solutions for pensions savers.”
