The Pensions Regulator (TPR) has called on pension professionals to consider a more diverse range of investments.

In a speech to the British Private Equity and Venture Capital Association, TPR chief executive Nausicaa Delfas urged the industry to focus on making positive changes to investment strategies.

She said the government’s pensions review offers a “unique opportunity” to improve saver outcomes as well as delivering economic growth.

Ms Delfas said: “We believe sound investment in diverse assets can not only improve outcomes for savers but could also generate growth for the UK economy. The two don’t have to be in conflict.”

She called on pensions professionals and advisers to share their views ahead of the government's planned pension review.

Ms Delfas also called on the industry to provide greater transparency on performance and costs.

She said: “For there to be meaningful, positive changes in investment strategies, there must be greater transparency in industry around performance and costs.”

She said that while TPR will not be telling scheme how to invest, it would be stepping up its focus on investment governance and bringing greater transparency on the value schemes offer savers.

TPR set out its 3-year plan in May.

TPR said that key challenges in 2024-25 will include embedding the new defined benefit (DB) funding code due to come into effect this autumn, ensuring schemes deliver value for money, raising standards of trusteeship and driving trustees to prepare for Pensions Dashboards.

In years two and three of its plan, the TPR will focus on the delivery of a defined contribution (DC) value for money framework, tackling deferred small pots and working with industry to develop solutions to support savers into retirement.

TPR priorities for the next three years include raising standards of trusteeship, data quality and ensuring schemes meet their obligations to prepare for dashboards.

The regulator also wants to “drive value” in Defined Contribution by having a great focus on investment in its supervisory approach to master trusts.