Regulator publishes Innovation Plan for consultation
Friday 29 January 2016
As part of a Government-wide programme, The Pensions Regulator (TPR) is consulting on its draft Innovation Plan which sets out how it will embrace technology and support innovation to help deliver better outcomes for retirement savers.
The plan highlights how TPR has developed interactive tools on its website to help hundreds of thousands of employers meet new pension duties, and has optimised its web content for mobile and tablet technology. It is also using social media and videos to engage with employers and scheme trustees.
Andrew Warwick-Thompson, Executive Director for Regulatory Policy, said: “We do not underestimate the increasingly important role technology is playing in the way pension schemes are administered and delivered, and the way members are keeping track of their savings, particularly in light of pension freedoms.
“As a regulator, we are determined to fully embrace the benefits technology will bring in areas such as communication, access to the data we publish and online interactive tools, while ensuring schemes are alive to the threat of cyber security.
“Our Innovation Plan opens a debate with industry on how we can do more to integrate technology into the way we educate and enable the regulated community and explore new ideas such as a pensions dashboard for savers. I urge schemes to take part in the consultation.”
The plan sets out a number of ways TPR will explore how technology is used effectively to increase efficiency savings and improve customer service. They include the continued development of the website, such as a facility for carrying out online transactions and a vehicle for interactive communication with stakeholders.
Applications will also be developed to share published data with other government departments and agencies and members of the regulated community. There will also be more use of cloud hosted IT services to improve the efficiency of operations and the ability to respond to change.
- The consultation into the Innovation Plan will end on 12 February 2016.
- It is seeking general feedback on the plan and is asking the following questions:
- Have you found us to be supportive of innovation in the pensions industry?
- What innovations / new technology are you aware of that are not covered in the plan?
- What more could we do to adapt to new technology/innovation?
- TPR is the regulator of work-based pension schemes in the UK. We have objectives to: protect members’ benefits; reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).
Matt Adams 01273 662086