The Pensions Regulator is an extremely important part of the way private pensions work in the UK. It has some influence on public pensions but is primarily concerned with the auto-enrolment system , the workplace pensions into which we save and the body of DB schemes that , though now mostly closed, carry the bulk of pensions promised to those in the private sector.
The executive of the Pensions Regulator is chaired by Sarah Smart and led by Nausicaa Delfas. They have a full agenda and have recently managed a successful transfer of premises and the resolution of a strike. They have my support and the support and I hope the support of the pensions industry as a whole. They have set down the future strategy for the Pensions Regulator and called for a new mindset to meet the different challenges for a regulator now charged with assisting in Britain’s growth agenda. They have been charged not to oversee “the quietest graveyard”.
But there are many challenges facing the current and future members of the executive. These are laid out by the Work and Pensions Committee who have identified 23 areas for improvement either at TPR or at its funder – the DWP. These can be found here.
I rather regret calling these recommendations “Bull-free” as this might be considered a slight on one of the three interim members of the executive, Neil Bull. I had no foresight of his appointment!
The three interim executives pictured above are the afore-mentioned Neil Bull (left), Nina Blackett (center) and Mel Charles (right). We have been used to Lou Davey’s very able stewardship of policy issues since the departure of David Fairs and I hope that she will throw her hat into the ring for a permanent role on the Executive, I have made it clear to all who will listen, that she is a great asset to TPR. I do not know Neil Bull, Mel Charles or Nina Blackett well. It is unfortunate that they all three need to be interim, but that is the consequence of recent departures and it is proper that a procurement process takes place.
Hays have put up a micro-site for applications . A job description for the strategy job is below. The timeframes for applications are tight. I do hope that they find the right people.
I do hope the new appointees (whether interim or permanent) do really embrace the objective of “securing the best outcome for pension savers” (Nausicaa Delfas) or in case of DB Pension schemes “to protect future, as well as past, service benefits” (DWP Committee report – para 52) or even “to protect the benefits under occupational pension schemes” (Pensions Act 2004 Para 5 (1) (a), without reference to previously entrenched positions.
Thank you Henry for alerting us to the challenges and opportunities facing tPR. Always happy to help the tPR in its mission to support innovation in savers interests… to deliver good outcomes.
Surprised to see that the strategy/policy role cites that ‘a knowledge of the Penions industry or the financial markets … would be helpful but not essential’.