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The Pensions Regulator (TPR) has said ensuring savers getter better value for money is a priority over the next year.
Its new corporate plan for 2023 to 2024 sets out key targets for the year ahead and how the regulator will achieve them.
These include ongoing work with the Financial Conduct Authority and the Department for Work and Pensions (DWP) to develop a value-for-money framework.
This will equip those making decisions on behalf of savers with tools to deliver good pension outcomes, increase transparency and drive up standards.
The plan also sets out how TPR is preparing for the launch of the new Defined Benefit (DB) Funding Code in April 2024 that is meant to enhance savers’ outcomes in DB schemes.
On defined contribution (DC) plans, TPR will work on improving outcomes for members in these arrangements.
TPR will also increase its attention on tackling scammers through the Pension Scams Action Group (PSAG).
It will also continue to assess any collective defined contribution applications for authorisation and support scheme preparation for connecting to pensions dashboards.
TPR chair Sarah Smart said: “Our latest corporate plan clearly shows how TPR will continue to deliver on our commitment to protect saver outcomes, by pushing hard for ever-higher standards of trusteeship and governance and by fighting to beat scammers.
“A key theme in the plan is that we — working with our partners — expect schemes to provide good value for money. Those that can’t must improve or leave the market.
“We will continue to work closely with our partners and maintain a robust focus on our core activities that drive compliance with regulations.
“We have an important year ahead with much to do and I am confident that we have the right team to do it.”
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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