Pensions Regulator Chief Executive Speech On Delivering Investment Returns

On October 25, 2023, the Regulator published a transcript of a recent speech delivered by its chief executive, Nausicaa Delfas, at the Mansion House Pensions Summit, setting out the Regulator's expectations, largely in relation to investment.

Ms Delfas said the Regulator would like to see "fewer, larger, well-run schemes that facilitate investment in a diverse range of assets". To achieve this, the Regulator expects all schemes to adopt sophisticated investment governance practices. Those lacking the scale or expertise, it says, should consolidate.

The Regulator intends to focus on three areas.

• Shifting the focus on value for money away from cost alone towards all the components of value. The Regulator is looking to mandating comparable, standardised data disclosures across these components. Annual disclosures on these lines were proposed in the Regulator's joint consultation response published together with the DWP and FCA in July 2023.