The Pensions Regulator (TPR) has announced plans for two new regulatory approaches as part of its push to ensure that all savers get good outcomes from pensions.

In a blog post, TPR chief executive, Nausicaa Delfas, explained that given the "complex and changing" pensions world, TPR must change the way it works as a regulator, addressing key risks wherever they arise.

"To do that we must foster greater collaboration and innovation with the industry," she continued, highlighting two new regulatory initiatives that are desigend to "go to the heart" of TPR's ambition to be more market-facing and outcome-focused.

In particular, Delfas confirmed that the regulator will be "significantly" expanding its engagement with the "incredibly important sector" of professional trusteeship, as previously confirmed to Pensions Age.

In addition to this, she announced that TPR will be setting up an innovation design team to help the industry test new models and approaches from a regulatory standpoint.

Delfas said: "We acknowledge that when designing new models and approaches, it is challenging for the industry to understand whether ideas meet TPR’s expectations, and if they might breach regulations.

"That’s why we have launched an innovation hub – to review industry ideas at an early stage and to provide guidance on the approach the regulator would likely take to that innovation.

"We are encouraging industry to come and speak to us early with their ideas, to tell us about the problems they are trying to solve for their members and how they are going about innovation."

Delfas also clarified that while TPR is supportive of innovation, this must be in the interests of members, warning that "savers should not pay the price for failed innovation".

"We will provide guardrails for industry, so that you can innovate, but will do so with your members’ interests front and centre, and safely," she continued.

"In engaging with you on innovation, we will ask you about your processes, what sort of research you have done, and how have you mapped the potential consequences to understand how your regulatory proposition might fit within the regulatory regime, and whether amendments to that regime will be needed."

Both of the initiatives are expected to help TPR gather "valuable evidence and insight" to better understand the full risk landscape and prioritise its efforts based on harm or opportunities for the saver.

"While we will have a suite of regulatory tools, we will use them differently depending on the risk or opportunity we face," Delfas said.

"Together we will not only work to tackle risks wherever we find them but also foster product innovation – ultimately delivering better outcomes for savers."

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