UK Pensions Regulator publishes AI governance plan for pension schemes
The UK Pensions Regulator (TPR) has published an AI plan outlining expectations for governance and oversight of AI use in pension schemes.
TPR said AI may support pension administration, decision-making, and member engagement, while also creating operational and cybersecurity risks. According to the regulator, accountability remains with trustees and scheme managers even when AI systems or third-party providers are involved.
TPR Chief Executive Nausicaa Delfas said:
‘AI has the potential to transform pensions for the better: improving how schemes are run, how members are supported, and how the system as a whole delivers value.’
She added: ‘But trust is the most valuable asset in our system, and that trust depends on the safe and responsible adoption of AI in members’ interests.’
The plan recommends governance measures, including system testing, risk monitoring, fraud prevention, data management, and compliance with data protection requirements.
TPR’s plan sets out four areas of focus:
- Ensuring schemes are well run and governed
- Strengthening data foundations
- Supporting responsible innovation
- Using AI to become a more effective regulator.
TPR said it will continue coordinating with the Financial Conduct Authority on regulatory alignment across the pensions sector.
The regulator also said it has used AI-supported processes to identify pension scam websites and support enforcement actions. Further guidance and industry engagement activities are planned later this year.
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