The Pensions Regulator (TPR) has published a letter to government setting out measurable commitments on how it will support economic growth while protecting savers, alongside a speech by chief executive Nausicaa Delfas outlining priority areas for action. The package centres on reducing unnecessary regulatory burden, enabling access to a broader range of assets including productive finance where appropriate, and using data and digital tools to improve supervision and value for money. Work already under way includes changes to how TPR supervises master trusts and efforts to raise trustee governance standards. The letter frames commitments across five areas: increasing the value of pension funds, enabling productive investment, reducing unnecessary burden and releasing funds for investment, driving growth through data and digital enablement, and supporting market innovation; it also includes a pledge to engage with schemes and government to help research which types of assets best align with different scheme objectives. On innovation, TPR plans to develop an innovation framework and criteria to trial new ideas this year, with a market-facing hub to test innovation services by the autumn. On burden reduction, TPR has reduced data requirements to support the new defined benefit funding regime and is introducing a semi-automated digital submission form, with a broader review of scheme return and supervisory returns planned over the coming year to identify rationalisation opportunities.

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