The regulatory regime for pensions in the UK is changing. Defined contribution pension schemes have consolidated significantly since 2012 with fewer schemes supporting more members. Defined benefit schemes have also been reducing as schemes wind up. The Pensions Regulator's (TPR) new focus for defined contribution schemes is on value for members, not just costs. A new Value for Money framework will assess schemes on investment performance, costs and charges, and quality of service. Trustees will publish comparison data and TPR will take regulatory action if improvement is not made. For defined benefit schemes, TPR will ensure robust funding strategies and plans through funding regulations and codes, and encourage consolidation through superfunds or alternative models. Governance of all schemes will be strengthened through