The Pensions Regulator (TPR) has called on the industry to use a government-backed data competition as an opportunity to innovate with open pensions data.

Last week (15 January), The Department for Business and Trade launched the Smart Data Challenge Prize, in partnership with Challenge Works, the Open Data Institute and Smart Data Foundry.

TPR argued that open pensions data could reduce the regulatory burden on pension schemes, including through capturing data once and using it across different agencies.

Furthermore, the regulator said open pensions data could improve outcomes for savers through more effective market competition and innovation.

The competition offers a £600,000 prize fund as it seeks innovative apps and technology that can harness the power of data to drive solutions to the benefit of savers, businesses, and economic growth.

TPR stated that the competition provided the pensions industry with an opportunity to innovate in savers’ interests.

The competition aims to translate the success of the UK’s open banking sector to other parts of the economy.

“Just like open banking benefited the UK economy, open pensions data has the potential to boost innovation, increase efficiency, reduce regulatory burden and improve outcomes for savers,” commented TPR director of data services, Lisa Allen.

“I hope the pensions industry will see the Smart Data Challenge as an opportunity to prove how innovative it is.”

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