The Pensions Regulator (TPR) has unveiled a new five-year corporate strategy focused on delivering sustainable retirement incomes, alongside an annual plan and regulatory roadmap outlining the implementation of the government’s pension reforms through to 2030.

The regulator said the strategy marked a “significant departure” from its previous emphasis on the accumulation phase, with TPR set to take a broader, system-wide approach covering the full pensions journey from saving through to retirement.

Its central vision is for people to have a sustainable income in retirement, supported by a pensions system that provides security and value for all.

While automatic enrolment has resulted in more than 23 million people saving into workplace pensions, TPR highlighted government research suggesting that 15 million working-age people remain off track for a sustainable retirement income.

TPR chief executive, Nausicaa Delfas, said: “Our full focus is on ensuring that people receive what matters most: a sustainable income in retirement.

“Our new strategy and plan set out our blueprint to protect, enhance and support innovation and growth across the whole pensions journey, from saving through to retirement.

“This marks a significant departure from TPR’s previous strategy, which centred on the accumulation phase, and is the latest demonstration of our move towards system-wide and outcome-focused regulation.”

With this in mind, the strategy identified six member and market outcomes that will guide TPR’s work.

Its member outcomes are that pension savings are secure, members receive better value, and people have fair access and opportunity across the workplace pension system.

These will be supported by three market outcomes: well-run schemes, a sustainable and resilient market, and a seamless and integrated system spanning enrolment through to the provision of retirement income.

TPR stated it intends to become a more forward-looking and proactive regulator, using data and analytical tools to identify emerging risks and intervene before harm materialised.

It also pledged to use its regulatory and enforcement powers “early, decisively and proportionately” where schemes fell short or risks to members were high.

As consolidation accelerates, the regulator claimed it would actively influence the development of a market containing fewer, larger and increasingly commercial schemes.

TPR chair, Emma Douglas, added: “We are moving towards a system of fewer, larger, well-run schemes, able to invest in diverse assets in the interests of members, and potentially the UK economy.

“As the market consolidates and evolves, our role is not simply to respond to change but to actively shape it.

“We will set clear direction, working closely with the FCA, DWP and industry partners, use our regulatory powers with intent, and influence how the market develops so that scale and innovation are harnessed in service of better member outcomes.”

Meanwhile, the regulator's corporate plan for 2026/27 set out four immediate priorities: scheme governance, value for money, retirement, and strengthening TPR as an efficient, data-led regulator.

As part of its governance work, TPR will introduce a common supervisory framework and risk-assessment model to direct regulatory resources towards the areas of greatest risk.

It will also undertake a regulatory initiative targeting higher-risk schemes, review administration and cyber-security guidance, publish guidance on the responsible adoption of artificial intelligence, and implement a new enforcement approach.

On pensions dashboards, TPR will deliver a preparation and communications programme, publish guidance on schemes’ duties, and implement a compliance and enforcement regime.

It will also issue guidance for Local Government Pension Scheme boards and committees explaining its new governance role and powers.

On value for money, TPR will support the Department for Work and Pensions (DWP) in drafting regulations for the new framework and will work with the Financial Conduct Authority (FCA) to align requirements applicable to trust- and contract-based schemes.

TPR will also identify and engage with potential consolidators and produce a market engagement report examining pension schemes’ appetite for investing in private-market assets.

Elsewhere, the plan confirmed that TPR will publish guidance on extracting DB surplus, with the regulator stating that well-funded schemes should be able to unlock surplus for the benefit of members, employers and the UK economy while maintaining member security and scheme sustainability.

TPR will also continue to develop the small-pots framework with the DWP and will operate the new statutory authorisation and supervision regime for DB superfunds.

In retirement, the regulator will begin developing guidance on retirement pathways and work with the DWP and FCA on a guided-retirement framework intended to align the member experience across trust- and contract-based schemes.

It also plans to demonstrate readiness for collective defined contribution (CDC) authorisations by August 2026 and establish a fully operational framework for connected and unconnected multi-employer CDC schemes.

Its corporate plan has a budget of £119.2m for 2026/27, excluding the 2026 pay remit.

Alongside the strategy and plan, TPR published a regulatory roadmap bringing together the main reforms expected between 2026 and 2030.

The roadmap divides the reform programme into three stages: an “enable” phase covering legislation, consultation and guidance during 2026 and 2027; implementation during 2027 and 2028; and an “embed and scale” period between 2028 and 2030.

TPR stressed that the roadmap timings were indicative and would depend on the development of policy, legislation and implementation across government, regulators and the pensions industry.

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