The Pensions Regulator (TPR) has convened a new data and digital industry working group, urging schemes to accelerate the adoption of modern technology and higher-quality data.

In a blog post, TPR executive director of digital, data and technology, Paul Neville, said rapid technological change, the development of pensions dashboards and growing interest in generative AI had created a “pivotal moment” for schemes to modernise systems and improve saver outcomes.

The group, which brings together specialists from across pensions, technology and professional services, met for the first time to map out its ambitions.

It aims to work with the industry to “redefine the regulatory landscape” by driving more consistent, effective use of digital tools and standards.

Members highlighted the need for a more connected ecosystem in which pensions sit seamlessly alongside the rest of a saver’s financial life, supported by interoperable systems and higher-quality data.

They also pointed to AI's potential to improve scheme operations, from earlier identification of vulnerable savers to delivering more personalised guidance.

However, the group warned that poorly targeted innovation risked eroding trust through impersonation scams, deepfakes, and data breaches, as well as creating a “digital wasteland” of fragmented, ineffective systems.

It agreed three initial objectives: supporting more targeted, action-oriented guidance for savers; helping schemes adopt AI responsibly, underpinned by robust data; and working towards consistent data standards and a ‘single source of truth’ to reduce system friction and support “tell me once” processes.

TPR said the group will now refine these priorities ahead of its next meeting in February and begin developing solutions in collaboration with the broader industry.

Meanwhile, Neville encouraged schemes, providers, and other stakeholders to share views under the #PensionsInnovation banner, noting that volunteers may be sought for specialist subgroups next year.

He also thanked The Pensions Ombudsman for hosting the meeting at the Government Hub in Canary Wharf.

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