PMI response to TPR Corporate Strategy consultation

The PMI welcomes The Pensions Regulator’s draft Corporate Strategy 2026–2031, recognising it as an ambitious and necessary step toward a more resilient, outcomes‑focused pensions system. Our response supports the strategy’s emphasis on higher standards, stronger governance, improved administration and a consistent Value for Money framework. But we also stress that success will depend on clear priorities, coordinated delivery and proportionate implementation.

We highlight four areas that will determine whether the strategy delivers meaningful improvements for savers. First, TPR must translate its strategic ambition into measurable expectations so schemes understand what “good” looks like in practice. Second, alignment between trust‑ and contract‑based regimes - particularly in decumulation - should be treated as a strategic priority, with early joint guidance from TPR and the FCA. Third, Value for Money and consolidation policy must be applied with nuance, recognising that scale alone does not guarantee better outcomes. Finally, higher professional standards will only be achieved if expectations for competence, oversight and CPD are clearly defined and consistently enforced.

We also call for transparent milestones, practical guidance and clear sequencing of regulatory interventions. The PMI stands ready to work with TPR, DWP, the FCA and industry partners to support implementation and help ensure the UK pensions system remains resilient, sustainable and focused on delivering better retirement outcomes.