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Key performance indicators

Our Corporate Strategy sets out our long-term objectives for pension savers, and it is vital that we plan our activity to achieve these objectives against a clear set of goals. To do this, we have developed a set of saver outcomes. These are the outcomes we will pursue for savers within each of our five strategic priorities.

Our performance measurement framework is designed to align with these outcomes, providing a clear line of sight between our strategic ambitions and how we evaluate our work and its impact.

  • Our key outcome indicators are long-term measures that allow us to track our progress towards the saver outcomes over time (see our Corporate Plan 2023 to 2024).
  • Our key performance indicators (KPIs) are annual measures that enable us to track the performance of our prioritised activities, and adjust as necessary, within any given year. Our KPIs are an important part of our annual reporting procedure, as published in our annual report and accounts.

We monitor the risk landscape to understand and respond to the shape and overall trends within the pensions landscape. This helps us identify emerging risks so we can respond in a timely and effective manner, based on the evidence that is emerging both in the marketplace and the wider economy.

Security

  1. Employers continue to re-declare and new employers make their declarations for the first time in line with their automatic enrolment duties.
  2. Employers make contributions to schemes before they become significant late payments.
  3. We will implement the new elements of the Pension Schemes Act 2021 and track benefits realisation.
  4. We will develop and implement the new funding code in line with milestones agreed with the Department for Work and Pensions (DWP).
  5. We will ensure that risks or areas of focus identified through Relationship Supervision will be addressed by schemes in a timely manner.
  6. We will evolve our approach to the prevention and disruption of pension scams by maintaining preventative activity, including further embedding the scams pledge, and by implementing a new operating model for the Pension Scams Action Group.
  7. We will achieve our expected number of enforcement proceedings and outcomes.

Value for money

  1. We will run a regulatory initiative to regulate the new value for members assessment and deliver against defined milestones through the year.
  2. A consultation response on the holistic value for money (VFM) framework will be published and we will work closely with the Financial Conduct Authority to launch a consultation on VFM rules and with the DWP to scope supporting VFM legislation.

Decision making

  1. The general code of practice will be published, clearly setting out governance requirements, and we will see an increase in its use over time which enhances governance standards and reduces instances of poor governance.
  2. We will run a regulatory initiative to assess compliance with the new climate-related requirements for statement of investment principles and implementation reports.
  3. We will continue the work set out in our equality, diversity and inclusion (EDI) action plan and confirm the expectations we have of trustees via publishing revisions to the code. We will deliver a pilot trustee diversity survey from which we will establish a baseline of the current EDI of trustee boards, working with our regulated community and industry working group.

Embracing innovation​

  1. We will continue to apply the interim regime for defined benefit (DB) superfunds in the period before specific legislation is in force and will assess applications within strict timescales.
  2. We will communicate with schemes ahead of their pension dashboard connection dates emphasising the actions they need to take in respect of their systems and data, so that schemes prepare for their duties. Once the duties go live, we will act where we see schemes failing.
  3. We will help the pensions marketplace to deliver innovative products that meet savers’ needs and signpost these products where relevant. 

Bold and effective regulation

  1. We will maintain performance across employer- and scheme-facing services, ensuring prompt and responsive communications with our regulated community.
  2. Our People and Culture Strategy will deliver against its objectives, with progress demonstrated through our staff survey and programme milestones.
  3. We will deliver our digital service programme transformation in line with agreed milestones including data collection in support of the DB funding code.
  4. We will have high employee engagement.
  5. By March 2024, we will have a plan to reach net zero carbon emissions.
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