The Pensions Regulator (TPR) has made it clear that making sure savers have access to greater value for their money is the number one priority in the upcoming year. They have introduced their new corporate plan that sets out the key targets they aim to reach in the next year and the means in which they are determined to reach their goals.
This includes continuing their collaborative efforts to improve the administration and delivery of pension schemes. They want to make sure every saver has a fairer and more reliable service. It’s also critical to note that TPR is determined to make sure that schemes are doing all within their power to meet the needs of their members, providing fair returns and the best possible service.
The objective is to help those who face the possibility of losing out at retirement. Holding pension scheme managers to account is a priority, helping to ensure savers get the necessary protection and guidance. They will be concerning themselves with other pensions related issues such as scams and cyber security, ensuring savers are informed and protected.
To this end, TPR are already planning a “pension dashboard”, allowing people have to have access to details of any pensions they have amassed throughout their lives in one location. The pensions dashboard would provide more transparency and help people make informed decisions about their pensions. Crucially, it should help those who are at risk of undervalued pensions and help them work out how much income they will have in retirement.
In their bid to make sure that they deliver on their agenda and to provide better value for money, TPR will also be doing more to drive down costs and make sure that schemes are able to manage their assets in a way that better supports their members whilst also delivering cost efficiency.
The bottom line is that TPR is determined to ensure savers get a fairer, more transparent service, with access to accurate information about their pensions, and with improved access to their retirement savings. It clear that improving the service for savers is their top priority and one that they will be looking to support in the next year.