Transcript of Figure 1: Some of the recent trends and changes we'll need to adapt to as identified in our recent Corporate Strategy 2021

Work and retirement are changing

People work and earn differently, and how they access pensions will change.

We expect changes in the trustee model within pensions, with fewer, more professional, trustees.

As assets and savers in DB schemes reduce, we need to consider how our skillsets and focus may need to change.

As they become systematically large entities with virtually all new savers — how do we regulate them and what focus do they require?

Pension providers will diversify into other products and services for savers.

Effective, ethical and diverse management is more and more important to savers.

What regulatory engagement and data analysis technologies should we develop?

How will market consolidation, integration and innovation change the regulatory landscape?