The Pensions Regulator published a speech urging defined contribution (DC) scheme trustees to take practical preparatory steps ahead of the Pension Schemes Bill, while continuing to focus on good governance and high-quality member services. The regulator framed this as bridging the gap between incoming duties under the Bill and trustees’ current responsibilities. In remarks to the Professional Pensions Defined Contribution conference, TPR’s Interim Director of Policy and Public Affairs Patrick Coyne set out four themes trustees should act on now: being saver-outcome focused by reviewing investment strategy and challenging advisers on performance insights; building scale by assessing the scheme’s value proposition and considering consolidation where needed, and exploring opportunities such as long-term asset funds (LTAFs) for schemes with scale; being data-led and accountable by investing in digital infrastructure to improve data quality and administration standards ahead of pensions dashboards and engaging administrators on service options at different price points; and innovating at retirement by starting board-level discussions on decumulation products and services and using TPR’s innovation support services to discuss early-stage ideas.

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