Trustees, It’s Time to Get Your Pensions Act Groove On
The Pensions Regulator (TPR) is making a clear call to all scheme trustees: “Grab the reins before the new Pension Schemes Bill rolls in.” In a crisp speech at the Professional Pensions DC conference, Patrick Coyne, the Interim Director of Policy and Public Affairs, laid out a roadmap to stay ahead of the curve and keep service levels sky‑high.
What the Bill Is After
Under the bill, the focus is squarely on the Defined Contribution (DC) system. Coyne broke it down into four key themes, each packed with practical steps trustees can start weaving into their day‑to‑day. Below, we break those down and sync them with actionable to‑do lists.
1⃣ Be Saver‑Outcome Focused
Everyone knows that the heart of the job is the saver’s future. Trump the old “one‑size‑fits‑all” mentality and bring a questioning attitude to investment advice.
- Ask advisors to demo solid, outcome‑driven strategies that align with each member’s goals.
- Demand regular, clear commentary on performance—no vague “good job” notes.
- Set goals that translate directly into “you’ll see real progress” metrics.
2⃣ Build Scale (and Keep It Sane)
Scalability isn’t just for tech startups—think of it as a growth plan that protects every member’s long‑term interest.
- Map out a value proposition that explains why members should stay, and why a consolidation might make sense.
- Look into fresh investment vehicles like Long‑Term Annuity Funds (LTAFs) – they’re open for business now.
- Evaluate whether a joint fund strategy could lower costs without shrinking service quality.
3⃣ Be Data‑Led and Fully Accountable
Pensions dashboards are about to get a shiny new look. Get your spreadsheets and software ready.
- Invest in digital tools that guarantee clean, reliable data.
- Talk to administrators about different price points—understand what each tier offers for data quality.
- Pinpoint the key KPIs that will feed those dashboard visuals and keep you in control.
4⃣ Innovate at Retirement
Time to chat about decumulation—how will you actually get money out for real‑world needs?
- Kick off board discussions around new product ideas (like flexible payment plans).
- Collaborate with TPR’s innovation support services to brainstorm early movers.
- Trial, iterate, and get a feedback loop that thrives on real retiree voices.
Why This Matters Now
Patrick Coyne wrapped up his address with a gentle but firm reminder: The Pension Schemes Bill will reshuffle the DC market. Start preparing today—focus on outcomes, scale, data, and innovation, and you’ll close the gap before the new rules hit the streets.
Trustees, let’s not let this bill stroll past like a lazy Sunday stroll. Put your plan in motion, rally your team, and make retirement a real triumph for everyone.
