The Pensions Regulator (TPR) has called on actuaries to play a more central role in delivering better retirement outcomes, as the UK pensions system shifts away from a focus on accumulation towards sustainable income in later life.

Speaking at the Institute and Faculty of Actuaries’ 75th anniversary Chair’s Dinner, TPR chief executive, Nausicaa Delfas, said the system was entering a “new phase”, with increasing emphasis on the outcomes members achieve in retirement rather than simply participation or saving levels.

While automatic enrolment has brought millions more people into pension saving, Delfas warned that this alone does not guarantee financial security.

She described the current system as “unfinished business”, highlighting concerns that too many members remain on track for inadequate retirement outcomes.

Delfas emphasised the growing importance of actuarial expertise as the pensions landscape becomes more complex across defined benefit (DB), defined contribution (DC) and collective defined contribution (CDC) schemes.

“Since the ACA began in 1951, a lot has changed... But one thing has remained constant: the value of actuarial judgement,” she said.

“You are strategic advisers, system designers, and trusted guides. Thanks to you, schemes, employers and members make decisions that will shape outcomes decades into the future.”

She noted that pensions have evolved from a technical, back-office function into a core component of financial wellbeing and economic growth, increasing the need for clear, objective and long-term actuarial insight.

In particular, Delfas highlighted the shift within DC pensions from accumulation to outcomes, with a greater focus on retirement income solutions, decumulation pathways, and Value for Money assessments.

She said actuaries would play a key role in helping trustees design investment strategies that support growth, including productive finance, develop decumulation solutions that provide reliable income, and strengthen governance frameworks.

Delfas also pointed to opportunities arising from ongoing DC and CDC reforms, including the introduction of a guided retirement duty and a broader Value for Money framework.

She highlighted CDC schemes as a significant innovation in the UK pensions system, offering a collective, risk-sharing model that could deliver more stable outcomes for members.

However, she stressed that their success would depend on strong design and governance.

“CDC invites the profession to engage in system design, not just scheme design. It is an opportunity for you to help shape a new chapter in UK pensions,” she said.

Delfas urged actuaries to prioritise member outcomes, maintain independence and rigour, and support trustees in navigating an increasingly complex environment.

She added that actuarial judgement, long-term thinking and strong governance would be critical to ensuring the pensions system delivers sustainable retirement incomes for future generations.

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