UK - The Pensions Regulator (TPR) has set out its goals for the next three years to include strengthening DB scheme funding, improving governance and reducing risk to DC scheme members.
Tony Hobman, chief executive, TPR, said: "Our overriding goal remains to meet our continuing statutory objectives, working efficiently and in partnership with the regulated community, government and key stakeholders."
However, Hobman cited the government's pension reform agenda as an 'emerging challenge' which needed to be met to ensure the body remained fit for purpose.
The organisation said it had begun to define new priorities through its strategic enquiry process. This would involve public consultation and result in a ten year vision.
New powers bestowed on TPR by the government have recently caused debate within the industry (www.globalpensions.com, 15 April 2008).
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.