The Pensions Regulator

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The role of the Pensions Regulator

The Pensions Regulator (TPR), an executive non-departmental public body of the Department for Work and Pensions, is the UK regulator for work-based pension schemes. TPR’s post was created on 6 April 2005 by section 1 of the Pensions Act 2004 (PeA 2004) and replaced the Occupational Pensions Regulatory Authority (otherwise known as OPRA), the previous pensions regulatory body. The role of TPR and its powers are, however, much wider in scope than those of its predecessor.

TPR is required to establish the non-executive committee (to enable it to discharge its non-executive functions) and the Determinations Panel (to exercise its 'reserved regulatory functions').

For further information, see Practice Note: The role of the Pensions Regulator.

Statutory objectives

TPR’s principal objectives are set out in PeA 2004, s 5. These include:

  1. •

    protecting the benefits under occupational pension schemes of, or in respect of, members of such schemes

  2. •

    protecting the benefits under personal pension schemes of, or in respect of members of such schemes who are employees in respect of whom direct payment arrangements exist and, when the scheme is a

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Latest Pensions News

Joint regulatory VFM proposals aim to improve transparency and comparability in DC pension schemes

The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) have published a joint regulatory consultation and consultation response in CP26/1 setting out how a new value for money (VFM) framework could operate consistently across defined contribution (DC) workplace pensions. The proposals are designed to move the industry away from narrow cost-based assessments and towards a more holistic and comparable evaluation of the value delivered to pension savers in both trust-based and contract-based schemes. The proposed framework is intended to enable trustees, providers and governance bodies to assess the long-term performance of DC pension schemes for savers, improving transparency and competition by making it clearer which schemes deliver good value, and which do not, and supporting better retirement outcomes. The FCA has also published its response to feedback on its earlier consultation CP24/16 and the new consultation on revised detailed rules and guidance for contract-based schemes are to be implemented through the FCA Handbook. For trust-based schemes, where the Department for Work and Pensions (DWP) will legislate for the framework through the Pension Schemes Bill currently before Parliament, CP26/1 serves as discussion paper intended to gather timely input from the industry to help shape the detailed regulations and guidance that DWP and TPR are set to develop. The deadline for responding to consultation CP26/1 is 8 March 2026.

Pensions weekly highlights—8 January 2026

This week’s edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.

PDP issues call for feedback on industry working group proposals to shape delivery of private sector dashboards

The Pensions Dashboards Programme (PDP) has launched a call for feedback on proposals to adapt the industry participant approach used for connecting pension providers and schemes to the Central Digital Architecture (CDA) to support the delivery of private sector dashboards (PSDs). In particular, the PDP is seeking views on whether a collaborative model, involving a defined group of industry participants working closely with the PDP team, can help shape the processes, standards and support needed for dashboards developed and operated in the private sector. The PDP also envisages a PSD working group that goes beyond pure connection issues and supports the iteration of standards, development of guidance, refinement of end-to-end processes and testing of full dashboard journeys, including user experience. Responses to the request for feedback questions to help shape how this engagement model is taken forward are sought by 10 February 2026.

ICSWG publishes climate investing framework to support sustainable investment decisions and real-economy outcomes

The Investment Consultants Sustainability Working Group (ICSWG) has published a new climate investing framework to help investors evolve climate strategies from portfolio decarbonisation towards ‘real-world’ outcomes. The framework responds to concerns that current decarbonisation-focused approaches, such as investing in low-carbon assets, may not protect portfolios from wider financially-material systemic risks linked to climate change. It aims to support more complex investment decision-making as investors’ understanding of climate change and its development increases.

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