Pension groups call for stronger member representation in UK regulator’s strategy

Industry organisations responding to The Pensions Regulator’s (TPR) consultation on its corporate strategy for 2026-31 have broadly welcomed the regulator’s direction of travel but called for greater emphasis on member outcomes, governance and fiduciary duty.

The consultation, which sets out TPR’s vision of helping people achieve a sustainable income in retirement, has attracted responses from organisations including the Association of Consulting Actuaries (ACA), the Association of Member Nominated Trustees (AMNT), the Pensions Administration Standards Association (PASA) and The Investing and Saving Alliance (TISA).

In its response, the ACA welcomed the consultation but raised concerns about the regulator’s increasingly broad remit, calling for proportionality and clear prioritisation of regulatory objectives.

The AMNT supported TPR’s shift towards a stronger focus on retirement income and welcomed its use of the term “members” rather than “savers”. However, it argued that the strategy should adopt a more ambitious and member-centred approach.

Lewis Brown, vice chair of the AMNT, said: “The challenges identified within the strategy will require ongoing collaboration between regulators, trustees, employers, advisers and industry bodies.”

Among its recommendations, the AMNT called for greater recognition of member-nominated trustees, stronger oversight of conflicts of interest in master trusts and professional trustee firms, and a more prominent role for collective defined contribution (CDC) schemes and decumulation within the strategy.

The organisation also urged TPR to exercise caution when linking pension schemes to wider economic growth objectives.

“The document conflates fiduciary duty with UK growth objectives in places,” Brown said.

Concerns around consolidation also featured prominently in consultation responses. The AMNT warned that larger schemes do not automatically deliver better governance or member outcomes and argued that increasing concentration among professional trustees could weaken member representation.

PASA’s response highlighted administration and data quality as strategic issues, arguing that effective administration should be given greater prominence within the regulator’s plans. The association also stressed the importance of clear accountability across trustees, providers and administrators as the pensions sector undergoes further consolidation and digital transformation.

Meanwhile, TISA’s response supported the regulator’s overall objectives but emphasised the importance of delivering good member outcomes through effective regulation, innovation and modernisation.

TPR is expected to publish its final corporate strategy following the conclusion of the consultation process, which closes today (Monday 8 June 2026).