
TPR focuses on stronger supervision as pension reforms take shape
The regulator said it is adapting its oversight approach to reflect a pensions market that is becoming increasingly consolidated.

The regulator said it is adapting its oversight approach to reflect a pensions market that is becoming increasingly consolidated.

The initiative will look at 240 private sector DB and hybrid schemes, focusing on their readiness and how up to date their value data is.

Nausicaa Delfas said: “Our mission is to protect workplace pensions members’ money, enhance the pensions system and support innovation in members’ interests."

Delfas said: “Looking forward is not only interesting, it is essential if we are to act now to shape a system that truly delivers for members.”

The regulator said stronger funding positions mean many schemes are now moving away from deficit repair strategies and instead focusing on long-term objectives.

Nausicaa Delfas called on actuaries to focus on long-term outcomes, support trustees with complexity, and help raise governance standards.

Douglas will start her 5-year term on 1st July 2026, taking over from interim chair Kirstin Baker.
Kim Goodall-Brown said: “As the pensions landscape evolves and master trusts continue to grow, it is important that we continue to evolve our approach."

The number of non micro DC and hybrid schemes dropped by 15% over the last year, falling from 920 schemes in 2024 to 790 schemes in 2025.

Helen Ball, partner at Sackers, said: “We welcome TPR’s approach to creating a single, comprehensive CDC code as this will make it easier to follow and apply in practice."

Sarah Pritchard, deputy CEO at the FCA, said: "By working with the Government and TPR, we will help secure better returns for pension savers."

Nausicaa Delfas said: “It’s important that new models provide security and value, and we welcome views on our consultation to make sure that balance is right.”
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