The Pensions Regulator (TPR) has called on the industry to innovate to deliver a modern pension system, aligned behind a shared vision of generating a sustainable income for savers.

In a speech at J.P. Morgan’s Pensions and Savings Symposium, TPR chief executive, Nausicaa Delfas, highlighted that the UK pensions market was entering a new era with the Pension Schemes Bill and Pensions Commission, yet too many people were under-saving for retirement.

She urged the industry to unite on a shared vision of giving people a sustainable income in retirement and outlined the regulator’s support for the government’s push for fewer, larger well-run schemes.

To give savers clearer choices at retirement, Delfas called for innovation in endgame options for defined benefit (DB) schemes; investment in defined contribution (DC) schemes and default retirement plans; and strong governance, effective administration, and data and artificial intelligence (AI) innovation across both DB and DC.

“That vision may be ambitious,” Delfas said. “But it is also entirely achievable. And the prize will be millions of people enjoying richer, more dignified lives in the years to come.”

Amid strong DB pension funding levels, Delfas emphasised that schemes had greater endgame options, and different segments of the market will be considering their endgame in different ways.

TPR wanted to see products and services emerge to serve those thinking about different endgame options.

In the DC space, the industry was urged to move beyond cost-driven thinking and embrace investment innovation, supported by the value for money framework.

Innovation in guided retirement options was also needed, according to Delfas, including default pathways that meet the diverse needs of savers.

“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,” Delfas said.

AI was expected to play a central role in improving governance, administration, and data, but TPR highlighted that it must be used responsibly with an emphasis on good governance and member outcomes.

The regulator plans to publish an AI action plan outlining its approach in May 2026.

To support the delivery of the new pension system, TPR will continue to shift towards a more outcome-focused and prudential-style of regulation, and reduce regulatory burden on schemes.

“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,” Delfas stated.

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

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