The Pensions Regulator (TPR) has launched an innovation support service to reduce “unnecessary” regulatory barriers to pension innovation by enabling early, transparent discussions with pensions innovators.

The regulator has two focus areas, administration and member experience, particularly in the decumulation phase, as well as investment and new scheme models

The support service will have a range of offerings, including discussion sessions that will allow innovators to discuss the early stages of developing a new pensions idea or solution with one of TPR’s experts.

TPR explained that this informal first stage can support innovation development and how it might need to regulate it.

Additionally, TPR and the Financial Conduct Authority (FCA) will work closely together to avoid duplication and to give pensions innovators access to the FCA’s innovation test service.

TPR will also streamline the process for supporting emerging models other than the pension models it already supports, such as superfunds.

Based on research from TPR that identified common challenges faced by pensions innovators across the industry, the service will facilitate connections among these innovators through collaborative events.

Additionally, user testing revealed that blogs, reports, and information on best practices in pensions innovation are well-received, as they clarify TPR’s position on issues like targeted pensions support and guided retirement.

TPR chief executive, Nausicaa Delfas, said: "Our new innovation support service will provide an environment for innovators from across industry to collaborate and test their ideas, streamline our approach and reduce unnecessary regulatory barriers."

TPR said that improving data quality is the first step towards delivering innovation and is a key regulatory priority.

This launch was outlined in TPR’s plans for 2025 and is part of the regulator’s previous pledge to reduce unnecessary regulatory burdens and improve data sharing as part of the government's broader plans to cut the administrative cost of regulation on business and drive economic growth.

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