Corporate plan 2026 to 2027

Message from the Chair and CEO

Workplace pensions are central to the UK’s social and economic fabric. They shape people’s living standards in retirement and have the potential to support sustainable economic growth.

The system is at a pivotal point. 15 million people are currently not on track for a sustainable income in retirement, which is too high. Consolidation is accelerating and reforms are reshaping expectations of value and governance. At the same time, the landscape is becoming more complex, data-driven, and interconnected.

Ongoing reform, including the Pension Schemes Act 2026 and the work of the Pensions Commission, aims to raise standards, improve value for money, and support better retirement outcomes. Delivering this ambition will require a strong partnership between government, industry and regulators.

This Corporate Plan sets out how we will play our part over the year ahead, focusing on where we can have the greatest impact for members: raising governance standards, driving value for money, and improving sustainable outcomes at retirement.

We will regulate in a proportionate, data‑led way, prioritising our efforts where risks are greatest. We do this to protect members’ money, enhance the pensions system, and support innovation and growth in members’ interests.

We will also continue to strengthen The Pensions Regulator (TPR) itself – improving how we use data and technology and behavioural insights, building the skills we need for a changing pensions landscape, and working closely with government, industry and our regulatory partners.

This Corporate Plan sits alongside our new Corporate Strategy, anchored in our long-term vision: people have a sustainable income in retirement, supported by a pensions system that provides security and value for all.

This plan sets out the next steps towards that goal.

A system changed, but more to do

Workplace pensions have changed significantly. Automatic enrolment has brought millions more people into the system, defined benefit (DB) pensions are now more secure, and consolidation has created larger schemes with stronger governance and greater investment capability. Together, these developments provide a strong foundation for people having a sustainable income in retirement.

Yet challenges remain. Around 15 million working-age people are not on track to have enough money to live on in retirement, and outcomes remain uneven across the workforce, reflecting differences in earnings, working patterns and participation rates.

Risks intensify at retirement

These challenges become most acute as people approach retirement. Members are often faced with complex choices, limited default options and an increased risk of scams. Poor decisions or weak protections at this stage can significantly undermine the outcomes people get.

A consolidating and more demanding market

The structure of the pensions market is changing rapidly. Consolidation is accelerating across both defined contribution and defined benefit schemes, leading to a marketplace of fewer, larger and more commercial schemes. Scale can bring real benefits, including stronger governance, better administration and access to a wider range of investments.

However, it also raises expectations. Schemes must provide value for money – and demonstrate high standards of operational resilience, data quality, cyber security and professionalism. Where schemes cannot meet these expectations, timely improvement or consolidation is essential to protect members.

A pivotal year for reform and regulation

The government’s programme of pensions reform is reshaping the system. At the same time, schemes are operating in a more complex environment, with greater reliance on third‑party providers, increased use of data, digital and AI‑enabled tools, and heightened exposure to market, climate and geopolitical risks.

Actions now will shape outcomes for years to come. This Corporate Plan sets out how we will focus our efforts over the year ahead to raise governance standards, drive value for money, improve outcomes at retirement and strengthen our efficiency and effectiveness as a modern regulator.

Our priorities for the year ahead

Last year’s Corporate Plan reaffirmed our focus on trusteeship standards, investment governance, and value for money. Building on this foundation, we have set four priorities that will guide our work for the year ahead:

Scheme governance: to raise the quality of scheme governance and administration.
Value for money: to enhance the value for money that people experience throughout their pensions journey whatever their scheme.
Retirement: to ensure members are confident entering retirement and can transition smoothly into products that provide a sustainable income in later life.
An efficient and effective TPR: to further strengthen TPR as a modern, behaviourally informed, capable and data-driven regulator.

These priorities focus on where we can have the greatest impact now for members and the market. They are designed to make tangible progress towards our longer-term strategic outcomes: keeping pensions secure; improving value; ensuring fairness; making sure that schemes are well run; building a sustainable and resilient pensions market; and supporting a more seamless and integrated system.

Taken together, the priorities and outcomes in this plan create the conditions needed to deliver our long-term vision: that people have a sustainable income in retirement, supported by a pensions system that provides security and value for all.

To deliver this vision we will work with our partners, particularly with the Financial Conduct Authority (FCA) with whom we share responsibility for regulating different kinds of pensions.

For each priority, this plan defines the corporate outcomes to be achieved (these are the intermediate, shorter-term outcomes that show we are successfully progressing our longer-term strategic outcomes), alongside the key delivery activities that will drive each corporate outcome and the metrics that will demonstrate progress and impact.

This work incorporates our focus on supporting economic growth where this is in members’ interests and includes unlocking long-term productive investment, reducing unnecessary regulatory burden, and increasing confidence in the pensions system.

We report separately on key performance indicators (KPIs) agreed with No. 10 and HM Treasury as part of our commitment to supporting sustainable long-term growth across the UK economy.

Alongside our corporate plan, we are also publishing a roadmap of TPR activity to deliver the Pension Schemes Act 2026.

1. Scheme governance

Strong governance and administration are essential to good member outcomes. In 2026 to 2027, we will strengthen expectations, target our regulatory effort where risk is highest, and drive improvement where it matters most for members.

Scheme governance: our plan for 2026 to 2027

Corporate outcome	Key deliverables	Corporate metric
Trusteeship: Trustees have the awareness, understanding and capability needed to apply effective scheme governance in line with the new governance approach, enabling schemes to make consistent, informed decisions that drive better outcomes and support growth in members’ interests.	Deliver a regulatory initiative on higher-risk schemes. Publish guidance on the responsible adoption of AI. Develop a strategy and workplan to ensure schemes have trustees and governance structures that enable a diversified range of investments. Publish and implement a Climate Change and Systemic Risk Management Approach. Review guidance on cyber security governance and adapt as needed.	Self‑reported confidence in Board capability (%).
Administration: Improved scheme administration is enabled by evidence‑based regulatory insight that supports clearer expectations, effective oversight and targeted intervention.	Review pension scheme administration guidance and adapt as needed. Develop evidence base on administration practices and risks to direct targeted regulatory intervention.	Self‑reported arrangements for working with administrators (%).
Dashboards: Industry is prepared for compliance with pensions dashboards connection and data duties.	Deliver a preparation and communications programme, including publishing duties guidance. Implement a dashboards compliance and enforcement regime.	Percentage of pension providers and schemes connected to pensions dashboards.
Public service schemes: TPR’s evidence-based understanding of public service scheme risks enables more effective, targeted oversight and improved protection.	Publish guidance for local government pension scheme (LGPS) boards and committees setting out TPR’s new role and powers in relation to LGPS governance.	LGPS schemes self-reporting adequate processes in place for key/all-risk areas (%).
Targeted enforcement: Enforcement approach implementation enables targeted enforcement that tackles the key risks and harms to members.	Publish and implement our enforcement approach. Deploy enhanced data‑led enforcement case management capability.	Our enforcement approach in place, and data led enforcement capability deployed in agreed timeframe, alongside the development of a baseline metric to measure impact.
Risk-based regulation: TPR deploys proportionate, data‑driven regulation to focus effort where risks are greatest, reducing unnecessary burden while maintaining high compliance.	Implement a common supervisory framework and risk assessment model to direct regulatory effort. Deliver a low-burden scheme return process for smaller schemes.	The common supervisory framework and risk assessment model are implemented, demonstrating regulatory effort is directed at the highest risks in the system.

2. Value for money

Value for money is critical to delivering sustainable retirement incomes. In 2026–27, we will embed stronger value expectations, drive consolidation where schemes fall short, and support scale and investment that improve outcomes for members.

Our value for money plan for 2026-27

Corporate outcome	Key deliverables	Corporate metrics
Regulatory framework: Improve value for members by working with the Department for Work and Pensions (DWP) to enhance the regulatory framework.	Support the DWP in drafting value for money framework regulations, while collaborating with the FCA to ensure regulatory alignment in the delivery of value for money. Publish any required supporting guidance on data collection alongside the regulations and deliver an engagement programme.	Value for money regulatory framework for trust-based schemes delivered to an agreed timeline.
Consolidation and scale: The market consolidates into fewer, larger schemes, able to harness the full range of investment opportunities, offering better value for money and quality defaults. This supports UK growth and delivers improved returns to members.	Deliver a regulatory initiative targeting schemes unlikely to deliver good outcomes and prompt improvement or consolidation. Identify and engage with potential consolidators, supporting orderly and timely consolidation. Produce a market engagement report on the appetite of UK pension schemes for private market assets.	Scheme consolidation rate (%).
DB surplus: Well-funded schemes can unlock surplus to benefit members, employers and the UK economy.	Publish guidance on the extraction of defined benefit surplus, while protecting member security and scheme sustainability.	DB schemes progress towards low dependency funding.
Small pots: Support small pension pots consolidation to improve value for members, working with the DWP to develop a regulatory framework.	Support the DWP in the development of a regulatory framework and Code of Practice to support small pots consolidation.	Engagement with the DWP on small pots framework to agreed requirements and timescales.
Superfunds: A stable and growing superfund market provides a viable consolidation vehicle for DB schemes, supporting a sustainable DB market structure.	Operate and maintain the DB superfund authorisation and supervision regime.	Number of superfunds and membership.
Automatic enrolment: Employers maintain high levels of compliance, ensuring members receive the contributions they are entitled to, supported by efficient regulatory processes that reduce burden.	Implement a risk‑segmented re‑enrolment journey for targeted regulatory interventions.	Employers compliant with their automatic enrolment/re-enrolment duties (%).

3. Retirement

Too many members face complexity and risk as they approach retirement. In 2026 to 2027, we will help shape a system that supports better choices, safer pathways and more sustainable retirement incomes.

Retirement: our plan for 2026 to 2027

Corporate outcome	Key deliverables	Corporate metrics
Retirement pathways: Defined contributions (DC) members have access to suitable, sustainable decumulation solutions that deliver a regular income.	Begin development of guidance on retirement pathways. Develop a framework for guided retirement (collaborating with the FCA and the DWP to ensure alignment of member experience).	Engagement with the DWP on guided retirement framework to agreed requirements and timescales.
Collective defined contribution (CDC): CDC providers understand how to apply and are assessed for authorisation through a clear, timely, and consistent process, supporting a viable CDC market that offers employers risk‑sharing options and delivers secure and sustainable outcomes.	Establish and operate an application and assessment process for CDC schemes. Implement legislation to bring the CDC code of practice into force. Deliver a fully operational regulatory framework for connected and unconnected multi-employer CDC schemes. Support the DWP to develop a legislative regime for the introduction of retirement-only CDC schemes.	Demonstrate readiness for CDC authorisations by August 2026.
Scams: Mitigate the harms from pension scams activity, evidenced by increased scams disruptions and a decrease in reported scam-related losses and victim numbers.	Lead delivery of the Pension Scams Action Group (PSAG) communications programme across the year. Support government policy development on potential changes to pension transfer regulations.	Percentage of illicit websites (detected by the Scams Identification Dashboard (SID)) taken down.

4. An efficient and effective TPR

Effective regulation depends on a strong, modern regulator. As a modern regulator, TPR will also play an active role internationally, contributing to global regulatory discussions and sharing best practise on common challenges.

In 2026 to 2027, we will focus our resources where risk is greatest, improve how we use data and technology, and ensure strong governance and value for money in how we operate.

An efficient and effective TPR: our plan for 2026 to 2027

Corporate outcome	Key deliverables	Metrics
Organisational health: TPR ensures its organisational health and resilience through efficient and effective systems, an agile, capable, and motivated workforce, and resilience in the event of incidents or outages.	Extend and embed our Efficiency Programme, delivering savings. Publish and begin delivery of our AI Action Plan, setting out how AI will be governed and used. Improve productivity through improved business processes (including digital case management, process automation, and enhanced data tooling). Publish and implement the Sustainability Transition Plan, supporting delivery of climate and net zero obligations.	Overall running costs. Employee satisfaction (staff survey results).
Accountability: TPR operates in full compliance with its framework agreement, Managing Public Money guidance and Accounting Officer responsibilities, ensuring proper use of public funds and accountability to Parliament.	Report performance against corporate objectives on a quarterly basis. Publish the Annual Report and Accounts in line with statutory requirements and Managing Public Money Guidance.	Compliance with TPR's framework agreement, Managing Public Money guidance and Accounting Officer responsibilities

Our funding is derived from two main sources: a grant-in-aid from the DWP to fund our Pensions Act 2004 duties (levy-funded activities) and a separate grant-in-aid from general taxation relating to the automatic enrolment duties arising from Pensions Act 2008.

The budget for 2026 to 2027 is £119.2 million (excluding 2026 pay remit).