The Pensions Regulator (TPR) is expanding its engagement with administrators to drive better outcomes for savers, with plans to engage with a further 10 to 15 administrators as part of this.

In a blog post, TPR interim director of supervision, David Walmsley, said that administrators play a "pivotal" role in safeguarding the benefits of millions of savers.

However, he pointed out that while regulatory frameworks aim to improve standards, curb fraud, and promote fairness within the market, the administrator sector remains unregulated, resulting in varying quality across the industry.

TPR previously undertook a pilot initiative as part of its effort to take a "proactive stance", engaging with three strategically significant administrators as part of this.

The pilot looked at several risk factors, such as data digitisation and systems, data management and trustee/scheme manager engagement.

According to Walmsley, the initiative was received positively, as these administrators were eager to understand more about the regulator's priorities and share insights from their own experiences.

It also yielded "significant insights", leading to actionable recommendations that administrators have already started to implement, including enhancing internal checking processes and recognising the need for a clear IT and technology plan.

Following on from this success, Walmsley confirmed that the regulator is now looking to expand its engagement with the market, with plans to invite a further 10 to 15 administrators to collaborate on the work.

"We will use our learnings to adopt a light-touch approach with the rest of the market within the next 12 months. Through these engagements, we want to help influence a more diverse, secure and innovative administrator market," he said.

"We’ll be engaging schemes of all types and sizes, both in house and third-party. Our goal is to better understand the challenges these administrators face and, through our active engagement, enhance outcomes aimed at protecting savers and enhancing trust in the pension system."

In particular, the engagement is expected to focus on financial sustainability issues, risk and change management practices, cyber resilience and tech and innovation.

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