Marvin OnumonuNausicaa Delfas, CEO at The Pensions Regulator (TPR), said actuaries play a crucial role across the pensions system as it shifts focus from saving to delivering sustainable retirement income for members.
Delfas spoke at the Institute and Faculty of Actuaries’ 75th anniversary Chair’s Dinner, outlining how actuarial judgement, independence, and long-term thinking are becoming more important as the system grows more complex.
Delfas said: “Since the ACA began in 1951, a lot has changed…But one thing has remained constant: the value of actuarial judgement.
“You are strategic advisers, system designers, and trusted guides.
“Thanks to you, schemes, employers and members make decisions that will shape outcomes decades into the future.”
She pointed out that while automatic enrolment has brought more people into pension saving, security is not guaranteed, and too many members are still on track for poor retirement outcomes.
Delfas described the current system as “unfinished business” and emphasised the need for pension saving to translate into sustainable retirement income.
Additionally, Delfas noted that as pensions, especially defined contribution, become more complex, clear and long-term actuarial insight will be vital.
She highlighted a shift from accumulation to focusing on outcomes, including retirement products, decumulation pathways, and value for money that considers investment returns, costs and service quality.
Delfas said actuaries will help trustees design investment strategies to support growth, develop decumulation pathways to convert savings into reliable income, and strengthen governance to keep schemes resilient and member-focused.
She also pointed to new opportunities as the defined contribution market matures and policy reforms are introduced, including a guided retirement duty and a broader value for money framework.
Delfas also highlighted collective defined contribution (CDC) schemes, which offer a collective, risk-sharing model for more stable member outcomes.
She said: “CDC invites the profession to engage in system design, not just scheme design. It is an opportunity for you to help shape a new chapter in UK pensions.”
Delfas called on actuaries to focus on long-term outcomes, support trustees with complexity, and help raise governance standards.
She stressed the need for actuarial independence and rigour, saying actuaries play a key role in both technical analysis and shaping the future direction of the pensions system.
