TPR's Director of Strategy, Policy and
Analysis, Richard Knox this
morning (9th November 2026) delivered the keynote at the Pensions
Expert Annual Conference titled "From direction to action: delivering change". His key points were:
-
The direction of pensions reform is
clear. By 2036, the ambition
is a system delivering sustainable incomes in retirement
through fewer, larger, better-run, value for money schemes. The
challenge now is turning that direction into
delivery.
- Don't wait for certainty on every detail.
Major reform never happens in a neat
sequence. Those who act where the direction is clear, test
their approach and raise practical problems early will have a
headstart.
- Raise the standard of governance and treat data as a
strategic asset. Make sure you have
the capability and capacity for the decisions ahead, can
challenge advisers, understand trade-offs and evidence your
decisions. Know your data weaknesses, the risks they create and
how they will be fixed.
- Start preparing now for Value for Money and default
retirement plans. Review your data and
services, challenge your investment strategy, understand members'
needs and consider whether building, partnering or consolidating
offers the best route to default retirement provision.
-
In the future,
judgement matters more, not
less. Better data and clearer
rules give trustees better tools, but they cannot make
difficult decisions for them. Good trusteeship still means
understanding the evidence, challenging advice, weighing
trade-offs and being prepared to change course.
- You can read the full speech on our website: From direction to
action: delivering change
