The Pensions Regulator (TPR) has published a new data strategy that includes plans for standards and a centralised platform for the discovery, access and sharing of data among employees.
It has published the strategy as part of its broader digital, data and technology strategy, saying it is taking a wider approach to its use of data and is aimed at providing benefits for pension schemes, savers and the economy.
The new document challenges pension schemes to raise standards around data to produce more efficiencies, enhance innovation and reduce the regulatory burden on the industry.
TPR highlighted the strategy’s plans to set clear standards and expectations for data and provide relevant guidance and interventions. This will include that all data collected is directly related to good saver outcomes and to support efficient and effective regulation.
It will be accompanied by TPR modernising its own collection of data to reduce the burden on employers, pension schemes and administrators, and to manage larger datasets, by working towards an internal data marketplace. This would include a centralised platform for the discovery, access and sharing of data among employees, and which would be linked to the Government’s National Data Library and the wider data ecosystem.
Emphasis on APIs
Development of the platform will include a radical overhaul of data collection and exchange mechanisms using APIs, and expanding the capacity to analyse different data sources, including those that come from the market and in near real time when needed.
It will also collaborate with the pensions industry where appropriate to find ways to make it easier to access, use, modify and share data.
Other plans include the creation of a working group to help the pensions industry improve its use of digital tools, data and technology in savers’ interests, and an AI advisory council with internal and external specialists to ensure TPR meets ethical standards and regulations while supporting the use of AI.
It recently created an AI Accelerator Team to help it make informed decisions on using the technology.
Capitalising on data revolution
Lisa Allen, director of data Services at TPR, said: “The world is undergoing a data revolution, and we want the pensions industry to capitalise on this — delivering more effective and efficient services, sparking innovation in service provision, and enabling savers to better manage and engage with their pensions.
“Today we have set out a blueprint to make this vision a reality and will now be working across the whole industry to drive consistent, coherent and, where possible, open standards for data on metrics that matter.
“This will mean higher expectations of the pensions industry, but also more modern data practices which will reduce regulatory burdens and enable more effective market competition.”
