The Pensions Regulator (TPR) announced that it will launch a new strategy to raise standards of pension scheme trusteeship, bringing expectations into line with other professions and corporate governance standards as the Pension Schemes Bill transforms the pensions system. In a keynote speech to the PMI annual conference, Chief Executive Nausicaa Delfas also set out a parallel focus on reducing unnecessary regulatory burden while maintaining an outcomes focus for savers. The strategy is framed around trustees being saver outcome-focused, skilled and diligent, able to challenge constructively, agile, collaborative but accountable, and data-led. TPR plans to draw on other financial services regimes and corporate reporting standards, including the UK Corporate Governance Code, to support trustee independence and effective challenge, particularly as the market moves towards “mega funds” and “superfunds”. On burden reduction, TPR pointed to its defined benefit funding code, which it expects around 80% of defined benefit schemes to be able to meet via the Fast Track approach, leading to less supervisory contact and simpler reporting, and it will review scheme return and supervisory returns to remove information requests not directly linked to good saver outcomes. TPR indicated the trusteeship strategy will be launched and the returns review will be conducted over the coming year.
The Pensions Regulator 2025-06-05
The Pensions Regulator signals new trusteeship standards strategy and review of scheme reporting requirements
The Pensions Regulator (TPR) announced a new strategy to enhance pension scheme trusteeship standards, aligning them with corporate governance norms as the Pension Schemes Bill transforms the system. The strategy emphasizes trustee independence, effective challenge, and reduced regulatory burden, leveraging the UK Corporate Governance Code. TPR plans to implement the trusteeship strategy and review scheme returns over the next year.