Pensions analysis: On 1 October 2018, the Pensions Regulator published its response to the consultation on a draft master trust supervision and enforcement policy, which sets out its approach to regulating master trust pension schemes. Alongside this, it published the finalised version of its supervision and enforcement policy, reflecting the feedback given by respondents to the consultation.

The Pensions Regulator (TPR) has published its final response on 28 May 2025 to the consultation regarding the statement of strategy for defined benefit (DB) schemes, which is part of a broader initiative to assist trustees in long-term planning and risk management for DB scheme funding. The consultation, launched on 5 March 2024, received 55 responses from industry groups, advisers, and trustees, leading to the publication of an interim response on 23 September 2024 with revised templates and supporting documents. The final response addresses key themes raised during the consultation; outlines adjustments made to the strategy, and summarises responses to specific consultation questions.

The Pensions Regulator (TPR) has published its findings from a review which reveals how pension trustees are addressing climate risks and opportunities. Since 2022, schemes with more than £1bn in assets under management and authorised schemes have been required to publish climate reports. TPR has analysed a selection of reports and published its findings to help raise standards across the industry. The review found many examples of good strategic decision-making and that more than 60% of reports in TPR’s sample had some form of net zero goal with a target date of 2050 or earlier. However, it also raised some areas of concern regarding scenario analysis.

The Pensions Regulator (TPR) has issued a press release launching a new AI plan and setting out its expectations for trustees, administrators and scheme managers using artificial intelligence (AI) in workplace pensions. TPR notes that while AI has the potential to improve administration, member engagement and fraud detection, it also stresses that trustees remain accountable for outcomes even where activities are delegated to providers or advisers. TPR is to publish more detailed guidance on responsible AI adoption later in 2026 and is to continue working with the Financial Conduct Authority on regulatory alignment across the pensions sector. TPR also plans to expand work on data standards, support AI innovation through its innovation service and continue using AI internally to identify pension scam websites and other risks.

The Pensions Regulator (TPR) has published its Annual Funding Statement, the first under the new defined benefit (DB) funding code implemented in November 2024. The statement reveals 54% of schemes are in surplus on a buyout basis, with higher percentages for other measures. TPR expects 80% of schemes to meet Fast Track requirements, while introducing a new digital valuation submission service. The guidance applies to schemes with valuation dates between 22 September 2024 and 21 September 2025, with additional endgame planning guidance forthcoming.

The Pensions Regulator (TPR) has published a statement explaining how defined contribution (DC) master trusts should prepare for the new scale requirements proposed in the Pension Schemes Bill. TPR set out how trustees, employers and advisers should assess future growth, produce evidence‑based projections, and review operational readiness. The statement expands on the Department for Work and Pensions’ (DWP) policy principles and clarifies the implications of the scale thresholds for automatic enrolment compliance.

The Pensions Regulator (TPR) has produced its annual publication of its overview of the occupational defined benefit (DB) and hybrid scheme landscape in the UK. The report covers scheme status, membership levels and assets under management. TPR stated that for this publication, the methodology for validating scheme status has been enhanced to validate the data submitted. As such, status data should not be compared to previous publications of the DB landscape. The key findings of this report are that the DB and hybrid landscape continues to shrink at a consistent rate and scheme funding levels have improved since 2022.

The Pensions Regulator (TPR) has published the transcript of the keynote speech from its Interim Director of Policy and Public Affairs, Patrick Coyne, setting out plans to launch an innovation hub this summer to support pension market development by facilitating and testing innovation services. Coyne highlights that improving data quality is the first step towards innovation and a key regulatory priority, with the hub focusing on two main areas: emerging models and decumulation. He also outlined TPR's approach to implementing the upcoming Guided Retirement duty from the Pension Schemes Bill, which will require trustees to offer or partner with decumulation service providers. Coyne confirmed that eight in ten schemes are on track for pensions dashboard connection, and reported that £1.5bn is currently managed under the new superfund model, serving over 20,000 savers.

The Pensions Regulator (TPR) has published a new defined benefit (DB) funding code of practice which comes into affect on 22 September 2024, replacing the previous code. The new code contains chapters on the funding regime, long-term planning, application and open schemes. It focuses on long-term planning and risk management, aiming to protect the benefits of pension scheme members. It also provides guidance on setting funding plans and managing maturing schemes as well as on recovery plans and post-valuation experience.

The Pensions Regulator (TPR) has published its Digital, Data and Technology Strategy (DDaT Strategy) which acts as a guide for how TPR and the industry can adjust to changes in the pensions market in digital, data and technology, by embracing new ways of working and technology and thereby driving efficiency, automation and innovation. The DDaT Strategy takes an adaptive and mission-based approach, designed to navigate the complexities of the information age together with pursuing better outcomes for workplace savers. Acting as a blueprint for the future of digital, data and technology, it aims to reduce unnecessary burden on pension schemes, enable effective market competition and help TPR innovate and create an environment which encourages pension schemes to do the same in savers’ interests. The DDaT Strategy also outlines how TPR is already using digital, data and technology to transform TPR’s regulatory approach and deliver efficiency savings. TPR is to set up an industry working group to agree further detail including a focus on data and the common standards needed.

The Pensions Regulator (TPR) has published its new enforcement approach together with its response to its consultation on the new approach, which ran from 16 September 2025 to 11 November 2025. TPR received 26 responses submitted from across the industry, including trustees, employers, advisers, public service scheme stakeholders and representative bodies. The consultation response document summarises the feedback TPR received, how it has considered that feedback and the next steps for implementation.

The Pensions Regulator (TPR) has published a new general code of practice for governing bodies of occupational, personal and public service pension schemes which merges and updates ten of its existing codes of practice into a single code of practice. The new code sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG) in ‘short, focused modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. Scheme governing bodies will be expected to demonstrate that they have appropriate procedures and policies in place and schemes of 100 members or more will be required to undertake an own risk assessment to review how well the ESOG is working. The code is expected to come into force on 27 March 2024.