The Pensions Regulator (TPR) has published its new digital, data and technology strategy, outlining how TPR and the industry should adapt to, and embrace, changing technology and a changing pensions market to drive better saver outcomes.

The strategy is intended to reduce the "unnecessary" burden on pension schemes, with TPR set to explore where it can join up with agencies that schemes already provide information to, in order to reduce burden by capturing data once and reusing it.

It is also designed to enable effective market competition, and deliver efficiencies within the industry, as TPR said that it wants to start a conversation with the pensions industry about modernising systems and improving data sharing appropriately.

In addition to this, the strategy aims to allow TPR to identify and tackle scheme risks more effectively, including through TPR's first scheme-facing digital service, Submit a Scheme Valuation.

This service will allow defined benefit (DB) pension providers to submit scheme valuations so the regulator can assess them to determine whether schemes are funded appropriately and deliver benefits to savers.

The strategy is also expected to help TPR innovate and create an environment that encourages pension schemes to do the same in savers’ interests.

As part of this, TPR will explore where it can use open standards for data, such as open data served through APIs from scheme systems to enable the flow of data and drive innovation.

Alongisde this, the strategy is set to help enhance TPR’s data and technology capabilities, meaning that scheme, saver and market data can be collected at high volumes and more often, increasing the speed and effectiveness of decision making.

TPR confirmed that it will set up an industry working group to agree further detail including a focus on data and the common standards needed.

Commenting on the strategy, TPR executive director of digital, data and technology, Paul Neville, said: "Pensions are evolving rapidly. TPR is unlocking the transformative power of digital, data and technology to deliver a regulatory approach which delivers better outcomes for savers.

"Now, we are challenging the pensions industry to do the same. We aim to work with industry to design our approach which protects savers and drives innovation, competition and transparency."

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