Jessica O'ConnorGreater collaboration and innovation between The Pensions Regulator (TPR) and the industry is vital to help deliver better outcomes for savers, according to Patrick Coyne, interim director of policy and public affairs at TPR.
In a keynote speech today at the Pensions Age Spring Conference, Coyne outlined the steps the regulator will take to protect savers, enhance the system and innovate in the interests of savers.
He said: “Regulation and innovation are two words that must go together if we are to build a system that works for everyone.”
He outlined the ways in which TPR will work more closely with the industry to “help make sure that after 20, 30 or 40 years of pension saving – it was really worth it.”
He continued: “That is why we committed to the Prime Minister, as part of the wider government focus on growth, that we would set up a new innovation support service.
“Our plan is to launch a new innovation hub during the summer and facilitate and test a range of innovation services with the market.”
Improving data quality is the first step towards sparking innovation and is a key regulatory priority, he told delegates.
Through the service, TPR will focus efforts on two areas in particular: emerging models and decumulation.
Coyne said: “Our goal over time is to enable emerging models to come to market in a slicker, quicker way by introducing a step by step and transparent process for engaging with TPR.
“And for decumulation, we want and need a sat-nav for retirement – a dynamic system that guides the way, adjusting for people and where they want to go.”
