The Pensions Regulator has published a data strategy setting higher expectations for pension scheme data quality and standardisation, aiming to improve saver outcomes while increasing market efficiency, supporting innovation and reducing regulatory burden. The strategy highlights that thousands of schemes still hold some data non-digitally, with poor data quality creating inconsistencies, higher costs and security risks. It links the need for stronger data foundations to defined contribution market consolidation and approaching pensions dashboards deadlines. Planned actions include setting clearer data standards and expectations backed by guidance and interventions, ensuring data collected for TPR’s purposes is directly related to good saver outcomes, and modernising data collection by working towards an internal data marketplace connected to the government’s National Data Library and the wider external data ecosystem. Where appropriate and in savers’ interests, TPR will also work with industry to make data easier to access, use, modify and share. Alongside data standardisation, TPR will establish a working group to improve the sector’s use of digital tools, data and technology and convene pension and technology experts to develop a framework for responsible innovation. The strategy also calls on schemes to adopt new technologies safely, including artificial intelligence, and TPR plans to launch an AI Advisory Council in 2025 to support ethical use and compliance with regulatory obligations.

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