The 2022 – 2024 plan sets out the Regulator’s upcoming priorities for the next two years, with a focus on five key strategic priorities to look out for:

  Priority  Key Regulatory Actions
Security: ensuring pension savers’ money is secure Notifiable Events: Confirmation that the planned changes to the notifiable events regime will become operational in due course.

DB Funding Code: Expected to be operational from September 2023.

Scams: A revised Pension Scams Strategy will be published during 2022.
Value for Money: ensuring pension savers get good value for money Value for Members Assessment: A 2022 Regulatory Initiative will assess how TPR will identify and address non-compliance and work with schemes to implement the assessment actions.

DC Value for Money: TPR and the FCA will continue to work on a holistic value for money assessment framework with a consultation expected by the end of 2022.
Scrutiny of decision-making: ensuring that decisions made on behalf of pensions savers are in their best interests FCA-TPR Regulatory Strategy: An update to the joint strategy will be published in the second half of 2022.

Single Code of Practice: Publication expected during 2022.

Equality, Diversity & Inclusion: Action plan for best practice to improve EDI on trustee boards expected in the first half of 2022.

ESG & Climate Change: Regulatory Initiative on the ESG / investment regulations and the publication of compliant statements of investment principles and implementation statements expected.

Embracing innovation: ensuring the market innovates to meet the needs of pension savers Dashboards: Secondary legislation and standards expected in 2022. Largest schemes will begin connecting from April 2023. TPR will also launch its own education programme for schemes.

Collective DC Schemes: Trustees can apply for authorisation from August 1, 2022. Regulations intended to broaden the market further are also expected.
Bold and effective regulation: ensuring TPR is a bold and effective regulator  The Regulator will work to improve its own performance, particularly its resilience to climate change and its environmental impact.

 



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