The Pensions Regulator (TPR) has published its 2025/26 Corporate Plan alongside its 2024/25 Annual Report and Accounts, setting out a programme focused on raising trusteeship and investment governance standards, driving value for savers, and supporting the development of safe pathways from saving to retirement income. The plan also positions TPR’s work around the anticipated market impact of the new Pension Schemes Bill across both defined contribution and defined benefit schemes. Key actions include challenging smaller schemes to complete detailed “value for members” assessments to encourage consolidation, and working with the Department for Work and Pensions and the Financial Conduct Authority to develop and implement a value for money framework for DC schemes. The plan also points to an expanded, more prudential approach to supervision, including a new approach to master trust supervision, greater market oversight of the largest professional trustee firms covering over GBP 1 trillion of assets, readiness expectations around data hygiene ahead of pensions dashboards, and measures linked to financial stability such as publishing liability-driven investment analysis and finalising information-sharing arrangements with the Bank of England. TPR’s annual report states it met, or almost met, 30 of its 31 key performance indicators for 2024/25, with the exception of a KPI on addressing cyber risks and pensions technology; it is engaging with cybersecurity experts to assess risks to savers and inform its risk tolerance and mitigations.

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