The Pensions Regulator (TPR) has announced plans to launch a Pensions Data and Digital Working Group, describing it as a cross-sector initiative to bring pensions into the digital, data and technology age.

In a blog post today, TPR said the new group would bring together industry and tech leaders to collaborate on open data standards, support the development of digital services, and help shape a responsible innovation framework for the use of artificial intelligence (AI) in pensions.

The group forms part of TPR’s new Digital, Data and Technology Strategy, which outlined plans to modernise internal systems, align with initiatives such as the national data library, and reduce duplication in data reporting.

The regulator stressed the urgency of tackling data issues across the sector, noting that some schemes were still “reliant on paper-based systems or using technology that is decades old.”

These legacy issues, it warned, risked undermining the success of key initiatives such as pensions dashboards and limited the sector’s ability to innovate.

As part of its call for collaboration, the regulator stated: “We welcome voices from across the pension ecosystem, especially those bringing fresh perspectives, lived experience, and new ideas.

“Whether these voices belong to tech innovators, trustees, or data specialists, we believe diverse insight will help us address some of the sector’s most pressing challenges – from data quality and regulatory efficiency to digital integration and innovation.”

TPR executive director of digital, data and technology, Paul Neville, added that the regulator was “unlocking the transformative power of digital, data and technology” and urged the industry to step up its own efforts.

“The challenge now is for the pensions industry to do the same - to raise its game on data quality, adopt smarter digital tools and embrace innovation that benefits savers,” he said.

Neville claimed that the Pensions Data and Digital Working Group would become a “pivotal force” in shaping the future of pensions.

He explained that embracing digital, data, and technology - especially better data use and management - could bring benefits, including near real-time monitoring, better benchmarking, reduced costs, and simplified reporting.

Neville wrote: “In the modern world, savers expect instant access to pensions information, but while the Pensions Dashboards Programme (PDP) will deliver improvements, we are still too far away from achieving the digital access other industries take for granted.

“For millions of savers, better data combined with saver-focused digital solutions will mean clearer choices, fewer risks and more confidence in their financial future,” he concluded.

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