I am surprised and frankly disappointed to hear the mission statement of our new “Interim” Executive Director of Market Oversight.
Less than a year ago we were welcoming an interim to this job in Julian Lyne, now we have another and we are promised that at some point in the future we will have an executive (who sits on the Executive Board of TPR) who is there for the foreseeable.
What is Ben’s “market oversight”?
It is DB and DC, this despite there being a 130,000 CDC scheme under its regulation, nor that there is an authorisation of UMES whole of life CDC’s being launched by TPR at the end of July.
It really is time that TPR made its mind up both about its long term future for “market oversight” and its commitment to CDC.
I know Ben and he’s a decent bloke. He’s put in his time in commercial roles within the industry. But is this really what the UK is interested in from Pensions? This from the announcements put out to excite us a few days before we meet in Edinburgh.
With the current Pension Schemes Bill poised to transform the pensions sector, Ben will continue our transition to a more prudential-style of regulation as the pensions landscape consolidates towards fewer, larger schemes.
Professional Pensions delivers this , to welcome a new face to the Pensions Regulator Board
Gunnee is a senior institutional business leader with over 25 years’ experience in the pensions industry. He previously held several roles at Mercer over a 17-year period and was most recently head of global institutional sales and business development at Gresham House.
He replaces TPR’s current interim executive director Julian Lyne, who is taking on a new role with an investment management firm.
Alongside Gunnee’s appointment, the regulator has launched a recruitment process to appoint a permanent executive director of market oversight.
TPR chief executive Nausicaa Delfas said:
“I am delighted Ben is joining us as interim executive director of market oversight. His financial services expertise and market knowledge will be invaluable as we focus on the practical implementation of the pension reform agenda and deliver the best possible outcomes for savers.
“I would also like to thank Julian Lyne for his very positive contribution at TPR, and wish him all the best in his new role.”
Gunnee added:“I am excited to be stepping into this role at one of the most important times for pensions. We have the opportunity to build a resilient and well-functioning defined contribution market, provide security for members of defined benefit schemes and drive stronger governance across private and public sector schemes. TPR’s role in bringing about these changes will be crucial.”
There is no mention from Ben either. It is as if TPR has no interest in a product that the DWP has promoted with game-changing claims.
“Up to 60%” better pensions for ordinary people is the strap line for all DWP’s statement on the subject
So what are we to follow? Should we be looking for ways to get CDC schemes authorised and up and running by early 2027 or should we be focussing on DB and DC as we have these past quarter of a century?
DB, DC and CDC please. The market is moving on Ben and Nausicaa!
All ok then?
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