new guidance for trustees and employers [1], to help industry consider the range of new models and options available, and to highlight the questions trustees should be asking themselves. We expect DB trustees to have plans ready for how they would respond to sponsoring employers' requests to release some of their scheme's surplus and to take advice and undertake an appropriate level of due diligence. As an industry, we are at a pivotal juncture, with the opportunity to utilise data and new technology, and to approach things in a different way to really deliver for savers. That's why we have launched our innovation support service. We want early conversations with industry, to debate great new ideas from the ground up when they are in savers' interests. Working with industry, the service will strive to reduce unnecessary regulatory barriers to pensions innovation.

Quality of Trusteeship

With bold new legislation comes ever greater responsibility for trustees, advisers and administrators. The decisions you take have enormous impact on the financial wellbeing of millions of savers. And as the system grows and evolves, so must the nature of trusteeship. What worked in the past, may not work for the future. To address these challenges, we will launch a new strategy to bring trusteeship into line with other professions and corporate governance standards.

It will say more about the traits that trustees must possess, namely:

• saver outcome-focused
• capable of constructively challenging to avoid group think
• highly skilled and diligent
• agile and responsive
• collaborative but accountable
• data-led

Time to change

TPR is transforming to meet the needs of savers. We are on the right path to ensure the Pension Schemes Bill will be the defining moment it promises to be. But everyone working in the pensions industry needs to be thinking now about their own role in making these reforms a success. The industry needs to adapt, evolve, rethink what it means to be a trustee, an administrator, an advisor. I am confident we will work together to complete the jigsaw and turn a vision of better outcomes for pension savers into a clear reality.