The Pensions Regulator (TPR) has set up a service to support innovation in the sector, including in the development of technology solutions.
It said the service will provide for early transparent discussions with pensions innovators and focus on two areas in particular: administration and member experience, particularly in the decumulation phase; and investment and new scheme models.
It also indicated that the first of these will include improvements and new products in digital and data, such as apps, and that it regards improving data quality as a key priority and a first step towards delivering innovation.
In March TPR published a data strategy that includes plans for standards and an internal data marketplace, and is challenges pension schemes to raise data standards.
A spokesperson said it will also be relevant to the Pensions Dashboard Programme, which is led by the Money and Pensions Service and has been subject to a reset in recent months following frustrations with its progress.
Personalisation and integration
“The investment in systems and data that has been made by industry to prepare for dashboards will support them in better leveraging digital technologies and data, allowing industry to offer better and more personalised help and services, and bringing us one step further to a world where financial services are integrated and you can see all your assets in one place at the touch of a button,” the spokesperson said.
“We want our new innovation support service to play an important part in that exciting transformation.”
TPR has set up a specialist team to deliver the innovation service, which will involve informal discussion sessions in the early stages of developing new ideas, collaborative events for innovators to make connections in the industry, and through leadership through blogs, reports and information on good practice.
There will also be efforts to import cross-government working, with TPR and the Financial Conduct Authority (FCA) working closely to give innovators access to the FCA’s innovation test service; and support for emerging models of pensions.
Nausicaa Delfas, chief executive of TPR, said: "Our new innovation support service will provide an environment for innovators from across industry to collaborate and test their ideas, streamline our approach and reduce unnecessary regulatory barriers."
