TPR publishes new five-year Corporate Strategy, Corporate Plan and Regulatory Roadmap

The Pensions Regulator (TPR) published its Corporate Strategy 2026-31, its Corporate Plan 2026-27 and a Regulatory Roadmap on 14 July 2026¹. TPR is the regulator of work-based pension schemes in the UK¹. The strategy sets a vision "that people have a sustainable income in retirement, supported by a pensions system that provides security and value for all"¹.

TPR said automatic enrolment has transformed retirement saving, with 23 million people now saving into a workplace pension, but that the system is "still unfinished business" with 15 million working-age people under-saving for retirement¹. It said it will focus on three areas: raising governance standards, driving value for money, and improving sustainable outcomes at retirement¹. The strategy sets six outcomes covering member and market: savings are secure; better value; pensions are fair; well-run schemes; a sustainable and resilient market; and a seamless and integrated system¹.

The Corporate Plan 2026-27 sets out what TPR will focus on over the next year¹. It includes a new "common supervisory framework" and risk assessment model to direct regulatory effort, support for the Department for Work and Pensions (DWP) in drafting value for money framework regulations, work with the Financial Conduct Authority (FCA) on regulatory alignment, guidance on the extraction of defined benefit surplus, work with DWP on the regulatory framework for guided retirement, and a fully operational framework for connected and unconnected multi-employer collective defined contribution (CDC) schemes¹. It also covers delivery against TPR's recently published AI Plan on how AI will be governed and used in the pensions sector¹.

The Regulatory Roadmap gives the industry visibility of when TPR, DWP and the FCA will engage on pensions reform through consultations, regulation and guidance, including milestones on value for money, guided retirement, CDC schemes and defined benefit surplus release¹. TPR described the package as a "no surprises" approach so industry understands what it will focus on and when¹.

Emma Douglas, Chair of TPR, said the market is moving towards "fewer, larger, well-run schemes" and that TPR's role is "not simply to respond to change but to actively shape it"¹. TPR said the publications support implementation of the government's pensions reform agenda, against the backdrop of the Pension Schemes Act 2026 reshaping the market¹.

Why it matters for households

The strategy covers workplace pension schemes, so it affects employees saving through automatic enrolment and the schemes their employers use, rather than the state pension. TPR's own figures put 23 million people in workplace pensions and 15 million working-age people under-saving for retirement¹. The Corporate Plan runs for one year from 2026-27 and the strategy to 2031¹.

Several items in the plan concern money members may eventually draw or receive. Value for money work with DWP and the FCA relates to the value members get from investments and services¹. Guidance on extracting defined benefit surplus concerns whether surplus above a scheme's funding needs can be released, with TPR saying it will do this "while protecting member security and scheme sustainability"¹. Work on guided retirement concerns the regulatory framework for support when members move into retirement products¹. CDC framework work concerns multi-employer schemes that pool risk¹. The roadmap sets out when consultations, regulation and guidance are expected, which is when scheme rules and member-facing processes would change¹.

What happens next

The roadmap sets out forthcoming milestones on value for money, guided retirement, collective defined contribution schemes and defined benefit surplus release, with engagement by TPR, DWP and the FCA through consultations, regulation and guidance¹. TPR said the strategy and supporting documents, including its response to the consultation on the draft strategy, are on its website¹. Specific dates for those milestones have not been reported here.