The Catalyst for Change

The pensions landscape is rapidly evolving towards a competitive marketplace of fewer, larger schemes. This presents different risks and opportunities for savers and the economy.

We are moving from an environment of thousands of small pension schemes making different decisions for their savers, to a landscape where a few systemically-sized schemes will hold great influence over the retirement outcomes of millions of savers. And due to the size of these schemes, the investments they make could not only affect retirement pots – they could also impact the wider UK economy.

That is why TPR must build on our regulatory toolkit to positively influence how those schemes operate, demand high standards of trusteeship, and have the powers and systems to assure standards and encourage delivery of ever greater outcomes for savers.

And that is why it’s more critical than ever that TPR not only protect savers’ money, but also enhances the pensions system, and supports innovation in savers’ interests.

Faced with this new regulatory environment, TPR is now taking steps to make sure pensions continue to deliver good outcomes for savers while strengthening its regulatory grip. This will mean that TPR will engage differently with the market, and, from April, will create three new regulatory functions which protect, enhance and innovate in savers’ interests.

Our vision is to align our structure to our strategic priorities as well as our essential functions. This will ensure we can fully dedicate our resources, talent and effort towards our key objectives.

We are creating three new regulatory directorates to help us Protect, Enhance and Innovate:

Regulatory Compliance: protecting pension savers’ interests through the effective and efficient delivery of regulatory compliance services, targeting schemes and employers.

Market Oversight: enhancing the market through strategic engagement with schemes and others who influence savers’ outcomes, with a strong focus on delivering value for money and raising standards in trusteeship.

Strategy, Policy and Analysis: using insights from our regulatory approach and elsewhere to evolve the regulatory framework and support market innovation in savers’ interests.

Our new directorates will continue to be supported by our People Directorate, Operations Directorate and Digital Data and Technology Directorate. We will also have a Chief Transformation Officer, a dedicated short-term specialist role to steer and link TPR’s transformation initiatives.

What this means for TPR’s Culture:

The changes we are making are not just about structure.

It’s about enhancing our people and innovating how we work. It’s about our culture; becoming more proactive, assertive, and assured. It’s about improved collaboration, empowered multi-disciplinary teams, a quickening of pace, building current capabilities and harnessing new skills. It’s about leaders, committed to our future vision, strategy and culture and who can drive the change we need to deliver to protect savers. 

It’s an exciting time to join us, and a career-defining opportunity to lead this highly purpose-driven organisation through change and towards even greater outcomes for savers.

For more information about The Pensions Regulator please visit www.thepensionsregulator.gov.uk