A presentation given to the SC Productive Finance event on November 3rd

1. The new regulatory regime
Louise Davey
SG Pensions Enterprise Masterclass
Investing in Productive Finance
2 November 2023

2. TPR Vision
2
• Trustees and employers comply with their duties
• Effective market oversight, influencing better practices
• New products and services deliver good outcomes

3. The Changing Landscape
The Defined Contribution universe has been
consolidating since the introduction of
Automatic enrolment in 2012 with fewer
schemes supporting more members.
These slides remain the property of The Pensions Regulator and their content should not be altered on reproduction. 3
Source: TPR DC Trust 2023
Colour legend: Number of members
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
DB scheme universe
0%
20%
40%
60%
80%
100%
120%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Scheme status
Open CTNM CTFA Winding Up
The Defined Benefit universe has been reducing as
schemes wind up.
Source: Annual report on UK defined benefit and hybrid schemes 2022 |
The Pensions Regulator

4. DC regulation: focus on value, not just costs:
4
Investment performance
Costs and charges
Quality of service

5. VFM Framework
Data metrics
recorded
across:
Investment
performance,
Costs and
Charges and
Quality of
Services
Data metrics
are published
online on
scheme
websites and
submitted to
regulators
Comparison of
data against 3
large scale
schemes
Trustees
assessing
context and
deciding RAG
result
Improvement
points expected
for all
VFM
assessment
published
online
Industry and
regulators
interrogate
trustee
decision-
making
All schemes
expected to
improve or
take steps to
consolidate
out of the
market with
accompanying
regulatory
action

6. DB regulation: funding and consolidation
These slides remain the property of The Pensions Regulator and their content should not be altered on reproduction. 6
• DB Funding regulations and code
• Ensure robust strategies and plans
DB Funding
• Superfunds
• Alternative models
Consolidation Solutions

7. Trusteeship and governance
Resources
Expertise
Time
These slides remain the property of The Pensions Regulator and their content should not be altered on reproduction. 7
- Trustee register
- Greater role for
accreditation
- Stronger TPR action
- General code

8. Questions?
8
These slides remain the property of The Pensions Regulator and their content should not be altered on reproduction.