Neville said the pensions system must adapt to reflect how people interact with financial services in other parts of their lives. ‘With most people used to checking their bank balance in seconds on their smartphone,’ he wrote, ‘the fact 35% of schemes do not provide online information to all their members about the value of their pension pot may come as a surprise.’
A new working group to shape the future
As part of its strategy, TPR is launching a Pensions Data and Digital Working Group this autumn. The group will bring together trustees, administrators, data experts and technology innovators to explore practical solutions to industry challenges. TPR also encourages contributions from outside the pensions industry, including civil society and academia, to bring fresh thinking and diverse perspectives.
Neville said the group would not simply be a forum for consultation, but a platform for action. It will focus on open data standards, improved data sharing, digital integration and promoting cultural change across the industry. TPR expects the group to develop targeted solutions and deliver early wins, supported by clear governance and a defined scope.
Unlocking the potential of digital innovation
Neville sees wide-ranging opportunities for schemes and the wider industry in adopting better data practices and new technologies. Open data standards could support real-time monitoring and improved trend analysis, while enhanced analytics may lead to better benchmarking and more effective regulation. He also noted that better data could simplify regulatory reporting, allowing TPR to focus more closely on outcomes while reducing the compliance burden on schemes.
TPR believes the upcoming Pensions Dashboards Programme provides a timely opportunity to accelerate change. Neville urged the industry to view dashboard preparation as a springboard for wider innovation, setting the foundation for improved transparency, stronger oversight, and increased efficiency.
Learning from Open Banking
Neville cited the example of Open Banking, which has generated an estimated £4bn in economic value by enabling individuals and businesses to manage their finances in more efficient and personalised ways. He said the pensions sector should aim for a similar impact, using innovation to unlock long-term value for savers and the wider economy.
TPR will open applications for the new working group in the coming months. Roles are unpaid, and after an initial meeting, the group is expected to continue its work primarily online. Neville concluded by inviting anyone interested in helping to shape the digital future of pensions to express interest via the TPR website www.thepensionsregulator.gov.uk/en.
Luke Carter, Regulatory Consultant at Equiniti said,
Any initiative that helps the pensions industry to build a more agile, efficient, and saver-focused ecosystem, one that meets the expectations of a digital world and supports long-term retirement outcomes, should be welcomed. Standards need to open and accessible and put the user at the heart; security will be utmost in any new initiatives and should also form part of any new proposals from the working group.”
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