Regulation  

The Pensions Regulator looks to technological innovation

The Pensions Regulator looks to technological innovation

The Pensions Regulator has said it wants to update its website so more transactions can be done online.

It made the commitment in its Innovation Plan, published as part of a government-wide programme to raise productivity by examining the UK’s regulatory framework.

The plan sets out how TPR will explore the way technology is used to increase efficiency savings and improve customer service.

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One of the proposals it is looking at is developing its website for carrying out online transactions and a vehicle for interactive communication with stakeholders.

This will be achieved by maximising contact through the internet and social media.

Andrew Warwick-Thompson, executive director for regulatory policy at TPR, said: “We do not underestimate the increasingly important role technology is playing in the way pension schemes are administered and delivered, and the way members are keeping track of their savings, particularly in light of pension freedoms.

“As a regulator, we are determined to fully embrace the benefits technology will bring in areas such as communication, access to the data we publish and online interactive tools, while ensuring schemes are alive to the threat of cyber security.”

He promised that the plan will open an industry debate on how regulators can do more to integrate technology into the way they educate and enable firms and schemes to explore new ideas such as a pensions dashboard for savers.

TPR will also develop applications to share published data with other government departments and agencies as well as members of the regulated community, along with more use of cloud-hosted IT services to improve efficiency.

A consultation on these plans runs until 12 February.