Board meeting summary March 2025
Minutes of a meeting of the Board of The Pensions Regulator.
Thursday 20 March 2025, 9:30 AM to 2:30 PM.
On this page
- Welcomes and apologies
- Declarations of conflicts of interest
- Draft Board minutes of 20 January 2025
- Matters arising and Chair’s update
- ARAC verbal update
- Routine business
- CEO Report – Strategy (including transformation update)
- TPR-wide Enforcement Strategy/TPR’s role in complex fraud cases
- Reward Strategy
- Annual budget
- Quarterly performance report
- Determinations Panel (DP) Chair annual update
- Determinations Panel Chair appointment
- Annual Board Governance Document Review
- Questions on papers to note
- AOB
- Review of meeting
- Next meeting
Welcomes and apologies
The Chair welcomed members and guests including Kate Jones, PPF Chair, and noting apologies from Neil Bull, Executive Director of Market Oversight, and Nina Blackett, Executive Director of Strategy, Policy and Analysis (SPA).
Declarations of conflicts of interest
No conflicts of interest were declared.
Draft Board minutes of 20 January 2025
The minutes of 20 January 2025 were approved.
Matters arising and Chair’s update
The Chair provided an overview of recent engagements including attendance at key industry events, changes to monthly leadership meetings, and recent Board training linked to the Board Effectiveness review.
ARAC verbal update
The ARAC Chair provided a verbal update covering revisions to the Annual Report process, two amber-red audit findings with agreed management actions, progress on the internal audit plan, and a focus on future risk areas including cyber and business resilience.
Routine business
The Board reviewed the action plan and forward plan and approved a new meeting framework to enhance governance and strategic focus. The need for two annual strategy days was reconsidered.
CEO Report – Strategy (including transformation update)
The CEO’s report covered strategic updates including the upcoming Pensions Bill, regulatory transformation and data standards, and highlighted government plans to mandate investment strategies and increase private market investments, raising concerns about regulatory impact and fiduciary duties. The report also included updates from the People Summit, with a focus on agile staff deployment, talent management and organisation structure changes.
TPR wide Enforcement Strategy/TPR’s role in complex fraud cases
The Board endorsed a targeted enforcement strategy to tackle pension fraud, balancing education, prevention, disruption and prosecution. Discussions highlighted the need for strategic collaboration, resource prioritisation, and clear governance. A wider enforcement strategy will be reviewed in July.
Reward Strategy
[The Board entered confidential session].
Annual budget
The COO presented TPR’s provisional 2025-26 budget, highlighting the AE levy and DWP funding settlement funding sources, and the need for flexible, dynamic planning. The Board approved the indicated budgets, noting concerns around resource reductions, funding pressures, and the importance of retaining specialist skills amid evolving workforce needs.
Quarterly performance report
The COO presented TPR’s Q3 performance report, noting progress in recruitment, cyber security and financial performance. The Board discussed improving risk alignment, reporting timelines, and challenges in meeting DWP expectations. A revised risk framework and a more detailed paper on performance reporting will be brought to a future Board meeting.
Determinations Panel (DP) Chair annual update
The DP Chair presented an annual update, highlighting increased case referrals, recruitment of new members, and continued training aligned with TPR’s transformation programme. The Board noted the report, discussed upcoming cases, and diversity improvements from recent recruitment.
Determinations Panel Chair appointment
The Board approved Antony Townsend’s reappointment as Determinations Panel Chair for a second term (2025-2029).
Annual Board governance document review
The Board approved updates to key governance documents, including Standing Orders, committee Terms of Reference, Code of Conduct, and policies on expenses and hospitality.
Questions on papers to note
The Board approved budgets for the Women’s Network Away Day and Brighton Pride participation.
AOB
The Board noted that the Q4 performance report will come to Board via correspondence.
Review of meeting
The Board discussed the conduct of the meeting to identify potential improvements.
Next meeting
The next Board meeting is scheduled for Thursday 24 April 2025.
The meeting closed at 14:40.