The Pension Regulator publishes Innovation Plan Consultation

29 January 2016

A consultation document Innovation Plan has been published. The consultation runs from 29 January to 12 February 2016.

The TPR are seeking the views on their proposed approach to innovative ideas and new technology. In particular they are looking to obtain a clearer picture of how innovation and technology is improving all aspects of pension provision and whether there is anything more that they can do to support this.

Andrew Warwick-Thompson, Executive Director for Regulatory Policy, said: “We do not underestimate the increasingly important role technology is playing in the way pension schemes are administered and delivered, and the way members are keeping track of their savings, particularly in light of pension freedoms.

 

“As a regulator, we are determined to fully embrace the benefits technology will bring in areas such as communication, access to the data we publish and online interactive tools, while ensuring schemes are alive to the threat of cyber security.

“Our Innovation Plan opens a debate with industry on how we can do more to integrate technology into the way we educate and enable the regulated community and explore new ideas such as a pensions dashboard for savers. I urge schemes to take part in the consultation.”

 

This consultation will be of interest to anyone involved in the administration of pension schemes, pension providers and payroll and ‘middleware’ providers. TPR would however welcome comments from anyone involved in the pensions industry, or wider regulated community of employers.

Given the short timescale for responses - 12 February 2016 - the policy team will not be surveying members directly however if you have any comments that you would like us to feed in to this consultation please email the policy team.

Alternatively you can submit them directly to the Pensions Regulator by email or by post and full details can be found on page 3 of the consultation paper.

Background

On 10 July 2015, the government launched its plan to raise UK productivity Part of this plan is to look at how the UK regulatory framework is set up to support innovation and disruptive business models. Departments have been asked to work with regulators to consult on and publish innovation plans by spring 2016. These plans will specifically set out the following:

  • An assessment of how new technology is likely to shape the sectors being regulated.
  • How legislation and enforcement frameworks could adapt to new technologies and disruptive business models to encourage growth.
  • Actions for how regulators could better utilise new technologies to generate efficiency savings and reduce burdens on business.