Articles - Reimagining pensions and the conditions for innovation

 By Dr Marion Lean, Head of Innovation and Design Practice, TPR

 With industry’s help, we’re building an exciting new blueprint for innovation in workplace pensions. Buzzwords? No. This is a shared and real commitment to doing things differently.

 There has been plenty of innovation in pensions to date, from automatic enrolment to dashboards. But we’re at a point where we need to innovate again, using data and technology, for example to help people at retirement, and to develop new consolidation vehicles.

 Earlier this year, we hosted our first-ever innovation hackathon. It was a bold experiment, bringing together people from across the pensions landscape to co-design solutions to real-world challenges.

 The energy, creativity and collaboration in the room were electric – and it proved something we’ve long suspected: the industry is ready to think differently

 And while some solutions are not yet in production, the discussion around them helps us focus on the future and challenge the status quo.

 This week, we held our second innovation event, and once again, the response was overwhelming. More than 50 industry leaders came together to explore how we can build a more creative, inclusive and user-centred future for workplace pensions. In this blog, I’ll reflect on what we learned – and where we’re heading next.

 Designing with, not for: co-creation is key
 One of the most powerful shifts we’ve made at TPR is moving towards designing our regulatory approach with industry, and not just for the industry. That’s why our innovation events are built around co-design – a method that puts collaboration at the heart of problem-solving.

 We’re not just inviting people to observe; we’re asking them to roll up their sleeves and help shape the future. Whether it’s through hackathons, workshops or shared product development, we’re exploring and modelling what it means to be user-centred and creative.

 This isn’t just about new tools or tech. It’s about understanding the real needs of savers, employers, trustees and providers – designing solutions that work for them and designing the conditions to ensure their involvement designing for their future. Innovation isn’t a solo sport. It’s a team effort.

 Creating the conditions for creativity and risk
 In my last blog, I observed there is a perception that ‘regulation’ and ‘innovation’ are two words that do not go well together.

 But if we want to solve complex challenges – from inclusion to sustainability – we need to create room for experimentation.

 At TPR, we’re working to build the conditions for greater creativity, risk-taking and influence. That means giving people permission to try new things, to fail fast, and to learn quickly. It means shifting the culture – not just within our organisation, but across the industry.

 Our second innovation event this week was a great example of this in action. We didn’t just talk about innovation; we did it. Together, we explored new ways of thinking, tested ideas, and built the principles by which the industry can and should innovate. And we did it in a space that was open, inclusive and energising.

 The online format of the event enabled greater inclusivity and diversity, while also requiring a new, collaborative approach to foster innovation – featuring ‘lightning talks’ on games, data, and user-centred design, followed by workshops exploring the conditions for innovation in pensions.

 Seven design principles for a more innovative pensions industry
 A key outcome of our recent event was a discussion about seven design principles to guide innovation in workplace pensions.

 These principles, which are being developed collaboratively with industry leaders, reflect the values and behaviours we believe are essential for meaningful change. They are a guide for how we can all act and behave to support innovation in the interest of savers.

 While the final wording is still being refined, the design principles that participants developed at the session are:

 Saver-centred: Be mindful – have you put yourself in savers’ shoes to help them towards their best outcome through building trust?
 Impact and evidence: Consider all the evidence in action and impact on savers’ lives, using accurate data to make the right decisions, for the right people.
 Responsible use of technology: Technology with integrity; including and serving all members fairly, protecting their data, and empowering human judgement to deliver better member outcomes.
 Transparency, trust, simplicity and clarity: Be bold and clear on what you are doing, why and for whom, and the resources you will use to get there.
 Inclusion: Pensions are for everyone, so everyone should be included.
 Sustainable and future-looking: Give people tools to manage lifetime changes.
 Continuous feedback and iteration: Ask, listen, observe, learn, respond and ask again.

 These design principles aren’t just for TPR – they’re for the whole industry. They’re a shared foundation for how we approach innovation together.

 What’s next? Developing our innovation support service
 The momentum from our events is just the beginning. At our first event, we launched our new innovation support service to help the industry put these principles into practice. This will include further events, resources, and opportunities to collaborate, so I urge industry to keep checking our online pages for updates and get in touch to share your ideas at one of our innovation discussion sessions.

 If we can support your request, you’ll meet with one or more TPR experts to discuss your pensions innovation. We can highlight concerns that we may have from a regulatory perspective.

 We will apply the design principles we have created with industry to our work at TPR, and we will support and encourage the industry to do the same.

 While we reflect on the conversation and talks from this week’s session, we are happy to share some initial feedback from one of our participants, who said: “TPR is giving a reassuring nod that gives trustees the confidence that they should invest in innovation.”

 We are on our journey to innovation, and feedback is really important as we test and learn what works for our users through TPR innovation support.

 Overall, we want to help the industry become more creative, more confident, and more connected. We want to share what we’ve learned – and learn from others. And most importantly, we want to make sure that innovation in pensions is driven by the people it’s meant to serve: savers.