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United Kingdom

UK pensions regulatory update: TPR’s new DC/master trust supervision, ACA framework to unlock DB surpluses, Gen Z retirement risks, plus key dates and practical trackers

Published on: 27 February 2025

Published by a LexisNexis Pensions expert
Legal News
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Article summary

In this issue:

  • The Pensions Regulator
  • Funding, surplus and investment
  • Members and benefits
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

The Pensions Regulator

TPR enhances oversight of the largest DC schemes to improve member outcomes

The Pensions Regulator (TPR) has unveiled enhancements to its supervision of master trusts and defined contribution (DC) schemes after a 12‑month review. The redesigned model groups schemes into four supervisory segments with bespoke engagement to spot risks sooner and lift saver outcomes. These cover monoline, commercial and non‑commercial master trusts; collective DC schemes; and single plus connected employer DC schemes. TPR’s priorities are securing value for money for all savers and setting clear expectations on investments, data quality and at‑retirement innovation. Larger schemes will be supported by dedicated multi‑disciplinary teams to enable more targeted, expert‑level interactions. The change marks a tilt towards a more prudential regulatory stance, addressing scheme‑specific and market‑wide risks across the UK pensions landscape. TPR said a 14‑week pilot with three large master trusts to test its review’s findings concluded that targeted, expert‑to‑expert meetings delivered improved regulatory outcomes and facilitated more open...

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