The service will focus on two broad areas of innovation: improving administration and member experience, particularly around decumulation; and investment innovation, including support for new types of scheme models. Both areas are considered central to building a pensions system that works better for savers and contributes more effectively to long-term economic growth.
Creating space for collaboration
Rather than waiting until an innovation is fully formed and ready for market, TPR’s new service encourages early-stage engagement between regulators and innovators. The goal is to allow pension solution developers to test ideas, identify potential regulatory issues in advance, and build confidence that new approaches will be understood and supported.
At the core of the initiative are informal discussion sessions, where innovators can talk through early ideas with TPR experts. These sessions aim to give practical guidance, shape regulatory expectations and encourage open, two-way dialogue.
TPR will also host collaborative events to bring together different parts of the industry. Its research suggests that while many innovators are grappling with similar challenges, particularly around technology and engagement, they are often tackling them in isolation. By encouraging shared insight and joint problem-solving, the regulator hopes to accelerate progress across the sector. “Our new innovation support service will provide an environment for innovators from across industry to collaborate and test their ideas, streamline our approach and reduce unnecessary regulatory barriers,” said Nausicaa Delfas, TPR’s Chief Executive.
Championing thought leadership
TPR is also looking to support the wider pensions ecosystem through the publication of accessible thought leadership materials. This includes blogs, guidance notes and case studies on emerging areas of innovation, such as targeted pension support or guided retirement decision-making.
User testing showed that these materials are highly valued by pensions professionals, helping them better understand both the regulator’s position and the direction of innovation within the sector. Recent publications have explored topics including how to smooth the transition into superfunds, how to resolve long-standing problems within the pensions system, and how industry events can unlock new ideas.
By promoting best practice and encouraging transparency, TPR aims to build a culture where new solutions can be tested and scaled more effectively, while ensuring the needs of savers remain the central priority.
A cross-sector approach to pensions reform
The new service will also deepen collaboration with the Financial Conduct Authority (FCA), building on their existing innovation test service. The aim is to reduce duplication for innovators who may be dealing with multiple regulators, and to create a more joined-up regulatory framework for new pension models and technologies.
TPR has already been involved in supporting new scheme types, such as defined benefit consolidators or ‘superfunds,’ and says the new service will help streamline its support for other emerging models. By taking a more proactive and coordinated approach, TPR and FCA hope to foster a more supportive regulatory environment without compromising on standards or member protections.
Laying the groundwork: the role of data
With growing interest in personalised pensions dashboards, targeted communications and improved decumulation support, high-quality data will be essential. Better, more consistent data makes it easier for schemes to automate processes, personalise communications and create services that genuinely meet member needs. TPR is expected to continue pushing schemes to raise standards in how they manage and report data, especially as the new tools and models begin to emerge.
Opening the door to innovation
Commenting on the new service, Luke Carter, Regulatory Consultant at Equiniti said:
By offering a space where innovators can share ideas, test their thinking and collaborate with others, TPR hopes to unlock the kind of innovation that can improve saver outcomes, support sustainable investment and create a more agile, forward-looking pensions sector. In a system affecting millions of savers, doing things differently, even small innovations, can become meaningful.”
The new service is available at: www.thepensionsregulator.gov.uk
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