Innovate to deliver in the new pensions era – Nausicaa Delfas

Ref: PN26-08

Friday 20 March 2026
- TPR CEO calls for industry to align behind a shared vision of generating a sustainable income for retirement savers.
The Pensions Regulator (TPR) Chief Executive has challenged the pensions market to innovate to help deliver a modern system providing long-term value for savers and a secure income at retirement.

In a speech today to the JP Morgan Pensions and Savings Symposium, Chief Executive Nausicaa Delfas stressed that the UK pensions system is entering a new era with the current Pension Schemes Bill and work of the Pensions Commission.

The success of automatic enrolment means more than 22 million people are now in a workplace pension.

She said: “Yet today, the job is not done: there are still too many people – 14.6 million – under saving for retirement.”

She urged the industry to unite behind a shared vision:

“Our vision is of a system which gives people a sustainable income in retirement, provides security and value for all, and supports UK prosperity more widely.

“We can create a future where people benefit from better performing schemes, with more transparent information, and with clear default options at retirement.”

TPR is supporting the government’s reform agenda, setting the market on a course to fewer, larger well-run schemes that deliver value compared to their peers, with product innovation giving savers clearer choices at retirement.

That means innovation in:

• endgame options for defined benefit (DB) schemes
• investments in defined contribution (DC) schemes and default retirement plans
• across both DB and DC, strong governance, effective administration, data and use of artificial intelligence (AI) “That vision may be ambitious,” she added. “But it is also entirely achievable. And the prize will be millions of people enjoying richer, more dignified lives in the years to come.”

DB schemes

With healthy DB funding levels, Ms Delfas emphasised that schemes have options for their endgame, whether it is well-funded schemes securing member benefits with an insurer, running on to generate surplus to improve member benefits or potentially unlock investment for economic growth; or, for less well-funded schemes, transfer to a superfund to provide the benefits of greater scale and security.

“Different segments of the market will be thinking about their endgame in different ways. We want to see products and services emerge to serve them,” she said.

DC investments

Ms Delfas urged the industry to move beyond cost-driven thinking and embrace investment innovation: “The value for money framework will enable decision-makers to look beyond cost, to investment outcomes.”

Innovating default retirement plans

Highlighting the need for innovative guided retirement options, she called for default pathways that genuinely meet diverse saver needs. She called on the industry to think creatively: “We know that only one in five have a plan for how to access their pension and people need help and support in this incredibly complex decision.”

AI, administration and data innovation

Ms Delfas said the industry is “ripe for innovation – but to succeed, it has to have solid foundations of strong governance, administration and data”. AI will be central but must be used responsibly with an emphasis on good governance and members outcomes. TPR expects to publish an AI action plan plan outlining its approach in May.

Reducing regulatory burden

Ms Delfas emphasised that TPR will play its part in delivering this vision by continuing to shift to a more outcome-focused and prudential-style of regulation – and reducing unnecessary regulatory burden on schemes.

She gave the example of revised TPR guidance published today on the financial reserves DC master trusts are required to hold. This will enable some master trusts to unlock investment for innovation by safely reducing the level of cash reserves they hold and instead meet capital requirements with a more efficient mix of assets. TPR reviewed the reserving guidance as part of its commitments to government to reduce burden and support economic growth.

Notes to editors

The Pensions Regulator is the regulator of work-based pension schemes in the UK. Its mission is to protect savers’ money, help to enhance the pensions system, and support innovation in the interests of savers. Our statutory objectives are to:

• protect members’ benefits
• reduce the risk of calls on the Pension Protection Fund
• promote, and improve understanding of, the good administration of work-based pension schemes
• maximise employer compliance with automatic enrolment duties
• minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)

Press contacts

Lucy Mundy Media Relations Manager pressoffice@tpr.gov.uk 07345 436 086 Out of hours This is for journalists only with a media enquiry. The below number will divert to our on call media officer. pressoffice@tpr.gov.uk 01273 648496

Share this page

• Back to top Is this page useful? Yes No Problems with this page? Thanks for your feedback.

Close

Page not useful?

Why not? Send comment Close

Problems with this page?

What were you doing? What went wrong? What is your email? Your email address will only be used to reply to your comment. Read our privacy notice.

Report Problem