The Pensions Regulator

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Working in partnership

Phil Ashford, secondment partner at the Pensions Regulator, discusses the benefits that a secondment to the regulator can bring.

In line with its modern approach to regulation the Pensions Regulator employs a proactive secondment strategy. The underlying principle is that secondments with the regulator benefit all parties - the individual, their parent organisation and the regulator itself.

One of the major benefits to the parent organisation is the opportunity to get under the skin of the regulator and understand the implications of pensions policy on your clients. Indeed, the secondment can act as a useful marketing tool in that expertise gained at the regulator can be a truly unique selling point. Meanwhile, the regulator benefits from knowledge transfer enabling us to be more outward-looking, commercially focused and aware of our customers' needs.

Matthew Lorimer was seconded to the Pensions Regulator for six months working as a solicitor in the Corporate Risk Management team. This team deals with the application of the moral hazard powers under the Pensions Act 2004 and the decision to grant clearance for a wide range of corporate transactions. He is an associate in the Corporate Recovery department of Herbert Smith, specialising in insolvency and restructuring transactions.

Matthew was initially concerned that he might lack sufficient pensions knowledge, however he found that at the regulator each clearance application is dealt with in teams of three people - a case manager who is in charge of running the case and has good pensions knowledge, a business analyst and a lawyer. 'As a result there is good peer support and you can pick up the issues on the job,' he said.

'The regulator regularly deals with complex, high profile, high value corporate transactions, often with very short deadlines,' says Matthew. 'In my experience the regulator can justifiably take pride in its commercial approach and responsiveness to corporate deadlines.'

Based in Brighton, the regulator has a very friendly and supportive working atmosphere which encourages secondees to meet the challenges. Since the Pensions Act 2004 is a relatively recent piece of legislation, each case has the potential to raise new issues that require a new and innovative approach.

Matthew continues: 'In my first week at the regulator I had conference calls debating complex points of law with partners at City firms, and negotiating multi-million pound pension contributions with senior directors, and this was by no means unusual. The regulator has guidelines for escalating decisions on large cases, but the team on the ground play an important role in the decision-making process, and it is often your job to decide whether or not to provide clearance on major corporate deals.

'The regulator also has an important educational function and this has proved to be one of the most enjoyable features of my time on secondment. The Corporate Risk Management team regularly takes queries from potential applicants and their advisers about the clearance process and the new legislation.'

There are currently 20 secondees at the Pensions Regulator and we are keen to attract more lawyers, actuaries, corporate financiers, business analysts and corporate risk management case managers.

'I have been seconded from Close Brothers, the European investment bank in the City, says Darren Redmayne. 'One aspect of their work is advising pension scheme investment, both from the side of the employer and trustees. I was keen to develop pensions expertise and my company were happy for me to do so, and I have been seconded to the regulator for six months.

'I have gained direct experience though working and applying the rules and a deep understanding of how the regulator thinks. Working at the regulator has built a valuable bridge and it will oil the wheels of communication. I have found the regulator to be collaborative and that it takes good practice from other organisations.'

Wallace Law has been seconded from the Government Actuary's Department (GAD) where, among other roles, actuaries help ensure the financial soundness of the UK's state and public service pension schemes. He says: 'My current secondment is for a period of three years although secondments can be extended, or granted for shorter periods. I am in regular contact with GAD and one of the advantages of my secondment was that I could call upon the Department for support when required.'

Charlie Massey is a senior civil servant in the Department for Work and Pensions and headed up the division that created the Pension Protection Fund and the Pensions Regulator. His secondment to the regulator, as executive director for strategic development, is for three years and affords him a board level role with a route back in to government.

'Gus O'Donnell has spoken extensively about the need to modernise the Civil Service,' says Charlie, 'and real world experience gained outside central government coupled with leadership skills can help to meet these objectives. One thing that is apparent at the regulator is the emotional energy of the staff stemming from the belief that their role really can make a difference.'

The regulator's modern offices are very near to Brighton station affording convenient travel along with the chance to enjoy the fantastic atmosphere in the city. Darren Redmayne says: 'I have enjoyed working in Brighton. Summer is a great time to be here and it has been a nice change.

To find out more about the Pensions Regulator Secondment Programme please contact:

Phil Ashford,
The Pensions Regulator,
Napier House, Trafalgar Place,
Brighton
BN1 4DW
Phone: 01273 627252 or 07740 022797
Email: phil.ashford@thepensionsregulator.gov.uk

Published: Professional Pensions, September 2006