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 on-going 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).
And it will 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. I am delighted to welcome Nausicaa Delfas to TPR as our chief executive.
“Nausicaa shares our commitment to savers and our other priorities, including equality, inclusion and diversity, and will drive forward our agenda to put savers at the heart of what we do.”
TPR chief executive Nausicaa Delfas added: “As our corporate plan sets out, we have a full and ambitious agenda for the benefit of millions of savers. We will continue to focus on protecting savers’ money, enhancing the pensions system and, as we look to the future, helping to drive innovation in savers’ interests.
“To deliver our plan, we will continue to build our organisational and digital capabilities, deliver value for money, and work collaboratively with our regulatory partners and stakeholders in the wider pensions environment.”
