Board meeting summary June 2025
Minutes of a meeting of the Board of The Pensions Regulator.
Wednesday 18 June 2025, 1:00PM – 2:00PM.
On this page
- Welcomes and apologies
- Declarations of conflicts of interest
- Matters arising and Chair update
- ARAC verbal update
- RaPCo verbal update
- Draft Board minutes of 25 April 2025
- Annual Report and Accounts 2024-25
- Q4 Quarterly Performance Report
- Items to note
- AOB
- Next meeting
Welcomes and apologies
The Chair welcomed members and guests. Apologies were received from Neil Bull, Executive Director of Market Oversight, and Nina Blackett, Executive Director of Strategy, Policy and Analysis.
Declarations of conflicts of interest
Chris Morson, Non-Executive Director, declared a new appointment as a member of the Court (Board) of the University of Edinburgh, and their Audit & Risk Committee.
Matters arising and Chair update
The Chair provided an overview of recent engagement activities, including attendance at key regulatory and leadership forums. The Board was informed that the recruitment campaign for the new TPR Chair has officially launched.
ARAC verbal update
The ARAC Chair provided an update highlighting key outcomes from the June meeting. He reported improved audit outcomes, which included an unqualified NAO opinion and a strong internal assurance rating. The Annual Report and Accounts were recommended for Board approval, subject to resolution of a small data misstatement.
RaPCo verbal update
The Board noted that across the three most recent RaPCo meetings, members have focused on staff reward, policy reviews, whistleblowing and year-end results. The committee has also examined employee feedback and senior pay.
Draft Board minutes of 25 April 2025
The minutes of 24 April 2025 were approved.
Annual Report and Accounts 2024-25
The Board approved the Annual Report and Accounts, subject to minor edits and resolution of outstanding disclosures. Improvements to reporting and assurance were noted.
Q4 Quarterly Performance Report
The Board reviewed Q4 performance, noting progress on EDI, data process improvements, and strong fine recovery rates. Areas for further focus include Market Oversight risks and automation within the SASV process. The Board noted that a new multi-year plan is in development.
Items to note
The Board noted the draft Annual Chair’s Priority letter.
The Board noted thanks from Kerstin Parker and the Minister for Pensions, recognising teams’ contributions to delivering the Pension Schemes bill, a key milestone for the sector.
AOB
The Board noted that a draft version of the enforcement strategy would be shared with them prior to the July Board meeting.
Next meeting
The next Board meeting is scheduled for Thursday 24 July 2025.
The meeting closed at 14:00.