Three new non-executive directors appointed to The Pensions Regulator
Tuesday 26 January 2016
The Pensions Regulator (TPR) today announces the appointment of three new non-executive directors to its Board by the Secretary of State for Work and Pensions.
Tilly Ross and Sarah Smart join the Board on 1 February, followed by Margaret Snowdon OBE on 9 May. The appointments are for four years.
They fill vacancies created by the departures of Isabel Hudson and Bruce Rigby to pursue other roles, and that of current Board member Tony Brierley who will step down in July.
Chairman of The Pensions Regulator Mark Boyle said:
“I look forward to working with Tilly Ross, Sarah Smart and Margaret Snowdon who will bring a wealth of pensions and professional experience to the organisation at a time when pensions are going through a period of significant change.
“They will work with colleagues on TPR’s Board and Executive to ensure we successfully deliver on our statutory objectives and play our part on broader issues as a well-informed and pragmatic thought leader.
“I would also like to thank Bruce Rigby and Isabel Hudson for their years of valuable service.”
- Non-executive Board members are appointed for a period of four years. The current remuneration is £17,992 for 26 days per year. These appointments have been made in accordance with the Office of the Commissioner for Public Appointments (OCPA) Code of Practice.
- Tony Brierley will step down from the Board in July following completion of his second four-year term as non-executive director. Bruce Rigby departed following six-and-a-half years’ service at the end of 2015 to chair the trustee board of the Marsh and McLennan Companies UK Pension Plan. Isabel Hudson departed in September 2014 following five years as non-executive director, to join the BT Board and BT Pensions Committee.
- Tilly Ross is a qualified actuary and was until 30 June 2015 Global Head of Pensions at National Grid plc with responsibility for strategy, governance, benefits, administration, risk management and funding of pensions. She is an independent member of the Independent Governance Committee of Scottish Widows and was a non-executive director of The Pensions Advisory Service (TPAS) from 2010 to 2015. Her other previous board experience includes being a Director of Electricity Pensions Limited and Chair of the CBI’s Pensions Panel.
- Sarah Smart is a chartered accountant and an experienced Independent Trustee and a Director of SmartCats Consulting, an independent strategic consultancy company. Sarah is currently Chair of The Pensions Trust. She is an Independent Professional Observer for the Lothian Pension Fund and a Board member and Chair of the Audit Committee of UK Athletics. Sarah is also a Board member and Chair of the Audit Committee of Big Society Capital.
- Margaret Snowdon became a Governor of the Pensions Policy Institute (PPI) in 2009 and joined the PPI’s Council in 2011. She chairs the PPI Council’s Funding Sub-Committee. She has recently been appointed as a Director of the Independent Governance Committee of the Phoenix Group Board. She is also Chairman of the Monitoring Board on Incentive Exercises and Chairman of the Pensions Administration Standards Association. She also chairs the Industry Group that developed the Combating Pension Scams Code of Practice (launched March 2015). Until 5 May 2016, Margaret is a Director of JLT Employee Benefits, leading on research and development and managing key client relationships. Margaret is a Fellow of the Pensions Management Institute.
- The Pensions Regulator is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).
Matt Adams 01273 662086