I know the invaluable contributions pension scheme administrators make behind the scenes, ensuring the smooth functioning of our financial systems.

At the same time, I am aware of the current challenges they are facing, with the surge in demand straining resources, as well as legislative changes.

While regulatory frameworks aim to improve standards, curb fraud, and promote fairness within the market, the administrator sector remains unregulated.

By expanding our engagement with administrators, we hope to help drive better saver outcomes. Our pilot initiative we undertook last year yielded significant insights.

Focusing on several risk factors, including data digitisation and systems and trustee/scheme manager engagement, the initiative was received positively and led to actionable recommendations that have already started to be implemented.

We are expanding our engagement and are planning to invite 10 to 15 of the largest administrators to voluntarily collaborate with us, focusing on four key areas: Financial sustainability, risk and change management practices, cyber resilience, and tech and innovation.

We will use our learnings to adopt a light-touch approach with the rest of the market within the next 12 months.

Through these engagements we aim to help elevate administration services, ensuring positive outcomes for savers and bolstering confidence in the pension system.

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