The Department for Work and Pensions (DWP) has outlined ‘growth goals’ for The Pensions Regulator (TPR) for 2026 to 2027.

These goals form part of the delivery of the government’s Regulation Action Plan, aiming to provide regulators with a set of priorities to support economic growth.

The DWP said TPR had an important role to play in supporting its growth mission through the regulation of the pensions industry by increasing the value of pensions to boost retirement income, and using pension funds to invest in and grow the UK economy.

The four growth goals are linked to measures in the Pension Schemes Act 2026, with the first goal outlined as reforming the workplace pensions sector to boost growth and support adequate income for pension savers in retirement.

It said that consolidating the market to be able to harness the full range of investment opportunities, offering better value for money pensions and good quality defaults, would support growth and deliver better returns for members.

TPR was tasked with tracking its performance against regulatory milestones and system-level indicators.

Its regulatory milestones included implementing the value for money framework by 2028; regulating against the default fund scale regulations as set out in the Pension Schemes Act; overseeing compliance with guided retirement duty, which is expected to be implemented in 2028; and implementing small pot reforms by 2030.

The second growth goal was to unlock surplus/capital from well-funded defined benefit (DB) schemes and master trusts to benefit members, employers, and the economy.

Performance trackers will include the consultation on regulation and TPR guidance to help schemes consider surplus release, and new regulations coming into force supported by TPR guidance.

Goal three was supporting productive investment to help the economy grow and members’ returns to increase, with progress to be measured by annual regulator surveys and value for money returns.

TPR will track its performance against regulatory milestones including the articulation of the kinds of investments that would be attractive for UK pension schemes to invest in by the summer of 2026; sector responses to TPR guidance on private market investment; and the development of a strategy and workplan to ensure schemes have trustees capable of considering a diversified range of investments.

Finally, the fourth goal centred on the promotion of the responsible and safe use of artificial intelligence (AI) technologies in pensions to improve member outcomes.

Performance will be tracked via the guidance TPR publishes on the responsible adoption of AI for pension schemes; the AI Advisory Council/Data and Digital Industry Working Group; and the AI Accelerator Programme, which has a significant focus on building TPR’s AI capability.

“DWP and TPR will consider next steps on assessing progress made against the indicators and milestones provided for each goal, including the approach to measurement, data availability and lessons learned, so that this can be factored into 2027 to 2028 business planning and associated targets,” the DWP stated.

“Performance will be monitored against indicators – however, it is expected to be directional and longer term, and is to be noted that this will be influenced by TPR’s interventions it will also be impacted by a range of factors outside of TPR’s control.”

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