With around 22 million people now saving into a workplace pension and £1.8 trillion of assets under management, TPR’s Annual Report and Accounts showcases TPR’s work to drive good outcomes for members as we transition to a market of fewer, larger schemes.
During the past year, TPR has worked closely with the government, the Financial Conduct Authority (FCA), and industry to prepare for new standards introduced by the Pension Schemes Act 2026, which will reshape the landscape.
Aligned with this shift, TPR has refreshed its approach to scheme oversight and supervision to be more focused, effective and efficient. Early, expert-led engagement has resulted in a greater understanding of risks, at a scheme and system-wide level. This enables TPR to target our regulatory interventions better, supporting schemes to achieve high standards of governance and compliance with less regulatory burden.
Interim Chair Kirstin Baker said: “We are focused on protecting members, strengthening the pensions system and encouraging innovation where it supports better long-term outcomes. Our annual report demonstrates how TPR is adapting to a more complex and fast-moving environment – integrating data-driven approaches into our oversight, deepening our scrutiny of governance and investments decisions, and working with government to drive value.”
TPR CEO Nausicaa Delfas said: “Our focus now is on implementation of the reform agenda for pensions, preparing the market for the changes to come whilst delivering for members today. We have clear priorities to raise standards of governance, drive better value for money and ensure greater support at-retirement. And to make this happen, we will continue to evolve our approach, becoming more efficient and effective as a regulator.”
The Annual Report and Accounts highlights key achievements including:
- Our work with the Department for Work and Pensions, FCA and industry to develop and consult on the regulatory framework for value for money and support the development of legislation.
- Supporting and driving defined contribution (DC) consolidation through direct engagement with small schemes and published guidance to support them in exiting the market. 2025 saw a 15% year-on-year reduction in DC schemes, while assets grew from £205 billion to £249 billion.
- Maintaining high levels of employer compliance with automatic enrolment duties, at above 97%.
- Getting schemes dashboards-ready with more than 1,300 schemes and providers now connected to the central digital architecture for pensions dashboards representing more than 40 million members.
- Working with trustees and the Fraud Compensation Fund so that more than 2,000 victims of scams received more than £81.5 million in compensation.
- Reducing regulatory burden and enabling master trusts to release investment for innovation, with the completion of our regulatory capital review and updated reserving guidance, with £15 million in excess reserving estimated to have been freed up so far (as of 31 March this year).
- Launching our innovation service to discuss and trial pensions innovation ideas with the industry, with 26 discussion sessions undertaken to enable innovators to discuss the early stages of an idea.
- Implementing the new defined benefit funding regime, with valuations now being received via our Submit a Scheme Valuation service.
- Strengthened our digital, data and technology capabilities, driving efficiency, automation and innovation.
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