By Paul Neville, Executive Director of Digital, Data and Technology, TPR
Our world is changing rapidly with new technology and ways of working. In pensions, work to develop pensions dashboards has been a catalyst for much-needed investment in data and technology and more and more schemes are considering how generative AI can be used in service provision, member communications and even enhanced guidance.
A little over a year ago, we published our DDaT strategy, followed by our data strategy in March. By leveraging digital, data and technology, we aim not just to keep pace but to redefine the regulatory landscape, ensuring that collectively,
TPR and industry, our actions translate into meaningful outcomes for savers.
We want the pensions industry to work with us to drive up adoption of the latest digital technologies and standards for data. An ecosystem with less friction will reduce burden on schemes and administrators and provide new opportunities.
To drive this forward, we invited specialists from in and around the pensions industry, including actuaries, trustees, lawyers and representatives of tech firms, to join our new Data and Digital Industry Working Group. See a full list of group members.
We want this group to see us become a pivotal force in shaping the future of the pensions industry. At our first meeting, we designed two exercises allowing members to communicate their digital and data ambitions and challenges and drive forward the working group’s key objectives.
‘Hopes and fears’ – the legacy we want to leave
Together we explored how data, digital and technological change might drive an improved saver experience. Our session included the group sharing their hopes for the future and what we could achieve together. There was a consensus that we should aim to create a connected ecosystem where pensions sit seamlessly alongside a saver’s wider financial life. This means better-connected data and systems that serve people, enabling smoother journeys and clearer outcomes. The group also emphasised the importance of responsible innovation. Artificial Intelligence (AI) could play a key role here – helping identify vulnerable savers earlier and tailoring guidance to individual needs.
When asked about their fears, members of the group highlighted two primary areas:
Loss of trust – driven by risks such as AI impersonation, deepfakes, data breaches or ransomware, where savers struggle to distinguish genuine schemes from fraudsters.
Stagnation – the risk of creating a ‘digital wasteland’ of fragmented, manual, disconnected systems, or shiny tools that fail to meet real user needs. There was also concern that nothing will change if we fail to influence industry to effectively harness the power of data, digital and technology.
The working group will now research and design solutions to these challenges, working collaboratively with TPR experts and the wider pensions industry to ensure progress is meaningful and secure.
Objectives we created
The group agreed three overarching objectives to drive meaningful change:
Action-oriented guidance: Unlock the opportunities for the industry to provide targeted pensions guidance that helps savers make confident decisions. This means moving beyond generic information to solutions reflecting individual circumstances and needs, as well as considering policy and other business changes needed to make this a reality.
Maximising data and AI responsibly: Help industry adopt AI in a way that is responsible and ethical. These tools could improve actuarial projections and enable tailored guidance, but only if supported by trustworthy, high-quality data.
Data standards and a single source of truth: To embrace the future we should collaborate on clear, consistent standards for data to enable seamless communication across the industry. To underpin the ‘tell me once’ principle, reducing duplication and friction for savers and schemes alike.
Next steps and call to action
The group will refine these objectives and begin work ahead of our next meeting in February. But, right now, we need your help to share this update widely, add your thoughts, and use the hashtag #PensionsInnovation to keep the conversation going. We will be most successful when we work collaboratively together with our pensions industry to find solutions together.
We are also exploring opportunities for volunteers to join specialist subgroups next year, so watch this space and get involved by sharing and posting with the hashtag. Finally, a big thank you to our colleagues at The Pensions Ombudsman, who generously hosted us at the Government Hub in Canary Wharf. Your support made this collaboration possible.
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