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TPR focused on savers’ needs at a pivotal time for pensions

Ref: PN23-18

Issued: Thursday 13 July 2023

  • The Pensions Regulator publishes its 2022 to 2023 Annual Report and Accounts.

TPR has published its Annual Report and Accounts for 2022 to 23 (PDF, 5,250KB, 214 pages), a year in which it implemented new responsibilities, made clear its expectations of trustees and progressed work to ensure pensions provide good value for money (VFM).

TPR Chief Executive Nausicaa Delfas, who took up her role in April 2023, said:

“We are witnessing a pivotal moment in pensions with a steady but inevitable move from defined benefit to defined contribution arrangements, and the consequent transfer of risk from employer to saver. Right across the pensions market, TPR plays an integral role in protecting savers’ money, enhancing the pensions system, and supporting innovation in the interests of savers”.

The 2022 to 2023 Annual Report and Accounts highlights a number of achievements for TPR, including:

  • setting clear expectations for trustees through guidance in new areas, including environmental social governance and equality, diversity and inclusion matters
  • issuing strong guidance on liability driven investments (LDI) in November 2022 with an update this April
  • assessing and authorising the UK’s first collective defined contribution scheme and a new master trust
  • intervening in 22% of schemes, an increase on last year’s 16%
  • publishing a strategy to combat pension scams: 601 organisations have now signed TPR’s pledge to combat pension scams campaign and / or pledged to meet its principles
  • publishing a joint consultation on a VFM framework for defined contribution schemes, which received more than 80 responses

TPR Chair Sarah Smart said: “In another action-packed year, we have been steadfast in our goal of protecting and enhancing retirement savings, against the backdrop of a volatile economy and unpredictable world events.

“Working closely with government and our regulatory family has never been more important — whether in the context of giving trustees clear advice on LDI, funding of defined benefit schemes, fighting scams or ensuring the industry is ready for the arrival of pension dashboards.

“The past year also saw us focus on two new areas — the value in having a diverse trustee board and the importance of taking climate and sustainability into account when making investment decisions.”

Notes for editors

  • TPR met, or almost met, 19 out of 23 of its key performance indicators (KPIs) for 2022 to 2023. Three of the pieces that required legislative change (the DB funding code, the general code and pensions dashboards) over the past year have been rescheduled or reviewed by the Department for Work and Pensions. The remaining missed KPI surrounded service levels at our call centre for four months. Since August 2022 levels have returned to ‘green’ / above target.
  • The Pensions Regulator is the regulator of work-based pension schemes in the UK. Its statutory objectives are: to protect members’ benefits; to 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).

Press contacts

David Morley

Media Officer (DB)
01273 662091

Matt Adams

Senior Media and Parliamentary Manager
01273 662086

Out of hours

This is for journalists only with a media enquiry. The below number will divert to our on call media officer.
01273 648496

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