The Pensions Regulator (TPR) achieved 15 out of 20 key performance indicators (KPIs) in 2023/24, its latest Annual Report and Accounts has revealed.

According to the report, of the five KPIs missed, three were ambers, which denotes where a target was marginally missed, and two were red results, which suggests that the KPI target was missed by a significant degree.

In particular, TPR received a red rating on its plans to implement new elements of the Pension Schemes Act 2021 and track benefits realisation, as implementation was paused because the notifiable events go live date was moved to October 2024.

"This KPI is missed because it was dependent on us having rolled out training and processes for the new notifiable events," TPR explained.

The regulator also received a red rating on its target to achieve high employee engagement, as its survey in April 2024 had 57 per cent employee engagement, which is a reduction from last year (70 per cent).

TPR said that this was anticipated, however, noting that it followed a challenging year including periodic industrial action from September to March.

Looking ahead, TPR said that it would be looking to improve its score through its People and Culture Strategy, and its Talent and Development Strategy, which includes leadership development, a modular management training programme and positive and inclusive behaviour training along with our focus on improving decision-making and governance.

TPR also received an amber rating for its plans to achieve its expected number of enforcement proceedings and outcomes, despite achieving a higher than anticipated number of outcomes in our complex regulatory and criminal enforcement cases.

Indeed, in 2023/24, TPR agreed for more than £25m of additional money to be paid to DB schemes, imposed contribution notices on three targets, and secured a suspended prison sentence in a prosecution for employer-related investment offences.

This year also saw around £148m of pension contributions recovered by TPR's auto-enrolment team, meaning that a total of more than £700m has been recovered for savers.

However, TPR acknowledged that it "narrowly" missed its target on the number of proceeds, as it started with one fewer proceeding than aimed for, primarily due to resourcing issues.

The regulator also received an amber rating for its work to deliver a digital service programme transformation in line with agreed milestones including data collection in support of the DB funding code.

Whilst TPR remains on track for delivery of initial capability of its new digital services in September 2024, it said that it returned an amber rating due to its "ambition for change and to embed new skills into the organisation".

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