TPR expects schemes to improve data standards
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The Pensions Regulator has launched a plan for improved data that it says will benefit schemes, savers and the economy as it is “taking practical steps on the way towards Open Finance”. It will create a working group to help the pensions industry improve its use of technology.
On Monday, it published its 2025 data strategy as artificial intelligence is expected to transform the world of data and information. The regulator issued its previous data, digital and technology strategy in October last year.
The new strategy takes up themes from October; TPR is challenging pension schemes to raise standards with the aim to improve outcomes and benefit the wider market through greater efficiency, innovation and “reduced regulatory burden”.
“The world is undergoing a data revolution, and we want the pensions industry to capitalise on this – delivering more effective and efficient services, sparking innovation in service provision, and enabling savers to better manage and engage with their pensions,” said director of data services Lisa Allen.
TPR will be working with the industry to achieve “consistent, coherent and, where possible, open standards for data on metrics that matter”, she added.
The size of the UK Open Banking ecosystem is worth an estimated £4.1bn in the UK, it pointed out, arguing that this has benefitted the economy.
The regulator now wants the pensions industry to get on the front foot on data. It will have higher expectations of the pensions industry around data and plans to:
On Monday, it published its 2025 data strategy as artificial intelligence is expected to transform the world of data and information. The regulator issued its previous data, digital and technology strategy in October last year.
The new strategy takes up themes from October; TPR is challenging pension schemes to raise standards with the aim to improve outcomes and benefit the wider market through greater efficiency, innovation and “reduced regulatory burden”.
“The world is undergoing a data revolution, and we want the pensions industry to capitalise on this – delivering more effective and efficient services, sparking innovation in service provision, and enabling savers to better manage and engage with their pensions,” said director of data services Lisa Allen.
TPR will be working with the industry to achieve “consistent, coherent and, where possible, open standards for data on metrics that matter”, she added.
The size of the UK Open Banking ecosystem is worth an estimated £4.1bn in the UK, it pointed out, arguing that this has benefitted the economy.
The regulator now wants the pensions industry to get on the front foot on data. It will have higher expectations of the pensions industry around data and plans to:
- set standards and expectations for data and provide guidance and interventions;
- ensure all data collected for its purposes is directly related to good saver outcomes and supports effective regulation, competition and industry innovation;
- modernise how it collects data to reduce burden on employers, schemes, administrators and advisers by working towards creating an internal data marketplace which links to the government’s National Data Library and the wider external data ecosystem ; and
- “where appropriate and in savers’ interests”, collaborate with industry to find ways to make it easier to access, use, modify, and share data.
The strategy also calls on schemes to “safely adopt new technologies”, citing the government’s AI Opportunities Action Plan.
TPR will launch an AI Advisory Council this year with internal and external specialists.
What will the new strategy mean in practice for schemes and administrators?
TPR will launch an AI Advisory Council this year with internal and external specialists.
What will the new strategy mean in practice for schemes and administrators?
