Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • January 2015
01

TPR seeks innovation to help pensioners

Open-access content 29th January 2016

The Pensions Regulator (TPR) is consulting on its draft innovation plan, which sets out how technology and innovation can help deliver better outcomes for those saving for retirement. 

A pair of hands touching a smartphone © Shutterstock

The consultation is part of a government-wide programme to raise productivity in the UK. 

The plan sets out the way technology is likely to change sectors being regulated, how legislation could adapt to new technologies to encourage growth, and regulators could better utilise tools to reduce burdens on businesses.

The document pointed to different aspects of technology that are already playing an important role in the pensions industry, such as application programming interface (API), 'gamification' and social media. 

Examples of the use of APIs include producing automatic enrolment staging date information to payroll providers and others.

Gamification techniques are used to help members understand how much they need to save, and to model outcomes for the savings they already have. The report said, for instance, one large pension scheme had created a game where a family of characters has to collect as many coins as possible, with the youngest members being given the most time to collect their coins.

Andrew Warwick-Thompson, TPR's executive director for regulatory policy, 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.

"Our innovation plan opens a debate with industry on how we can do more to integrate technology into the way we educate and enable the regulated community and explore new ideas such as a pensions dashboard for savers. I urge schemes to take part in the consultation."

 

The consultation runs until 12 February. TPR intends to publish its finalised plan in spring 2016. 

This article appeared in our January 2015 issue of The Actuary.
Click here to view this issue
Filed in:
01
Topics:
Pensions
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Longevity Actuary – Reinsurance

London (Central)
£100,000
Reference
118949

Senior Capital Actuary

London (Central)
£90000 - £110000 per annum + + bonus + benefits
Reference
118965

Capital Project Actuary

£500 - £850 per day
Reference
118964
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200