The Board of The Pensions Regulator meets around eight times a year and is made up of the Chair, non-executive members, the Chief Executive and executive directors.
All Board members are appointed by the Secretary of State for Work and Pensions following open competition.
Their key responsibilities are:
- overseeing TPR's strategic direction and making key decisions on policy
- ensuring TPR is properly run as a public body and has effective internal controls
- ensuring that statutory and administrative requirements for the use of public funds are complied with
Mark Boyle - Non-Executive Chair
Mark Boyle became non-executive chair of The Pensions Regulator in April 2014, and was reappointed for a further three-year term in March 2018. Mark has a 30-year career spanning three separate spheres – banking, FTSE corporate and central government.
From 2011 until March 2016, Mark was also the independent non-executive chair of HM Land Registry.
Mark was previously director and chief operating officer at the Shareholder Executive, the specialist team based in the Department for Business, Innovation and Skills (BIS) that looked after a portfolio of government-owned businesses ranging from the Royal Mail to Ordnance Survey.
Before this he spent 12 years in senior commercial and corporate development roles with two major FTSE companies, Compass Group and Rentokil Initial. The first 15 years of his career was spent in banking with Lloyds Bank International and Kleinwort Benson.
The chair has strategic leadership responsibility for The Pensions Regulator (TPR).
The role includes:
- chairing TPR’s board, keeping under review the strategic direction of TPR, and leading TPR in the fulfillment of its legislative objectives and functions:
- to protect the benefits under occupational and personal pension schemes of, or in respect of, members of such schemes
- to reduce the risk of situations arising from which may lead to compensation being payable from the Pension Protection Fund
- to promote and improve understanding of, the good administration of work-based pensions schemes
- chairing the committee of non-executive members, to discharge the non-executive functions of TPR, including that the internal financial controls secure the proper conduct of its financial affairs
- working with TPR's chief executive in ensuring that TPR’s internal operations are conducted effectively and with maximum efficiency toward achieving its objectives and functions
- communicating on behalf of TPR with key stakeholders, and ensuring stewardship mechanisms are in place and operating effectively.
Lesley Titcomb - Chief Executive
Lesley Titcomb became Chief Executive of The Pensions Regulator on 2 March 2015.
Previously, she was Chief Operating Officer at the Financial Conduct Authority (FCA), responsible for the FCA's operational platform, and was also a member of the FCA’s Board. She has led the work to deliver the transition to the FCA from the Financial Services Authority (FSA) and oversaw the work to bring the regulation of consumer credit from the Office of Fair Trading (OFT) to the FCA.
Lesley joined the FCA's predecessor-but-one, the Securities and Investments Board (SIB), in 1994 after qualifying as a Chartered Accountant with Ernst and Young. She held a wide range of posts covering both regulatory and operational issues at the SIB and the FSA. In January 2006 she was appointed Director of Regulatory Transactions and in February 2007 became Director responsible for the supervision of small firms, including financial advisers, mortgage brokers and insurance intermediaries. In July 2010, she was appointed Acting Chief Operating Officer and joined the Executive Committee. On transition to the FCA she was appointed as the Chief Operating Officer of the new organisation and joined the Board as one of its four executive members.
On 1 January 2017 Lesley was appointed as an independent non-executive director of National Bank of Kuwait (International) PLC.
Lesley read Classics at St Anne's College, Oxford.
The chief executive has responsibility for securing that the legislative objectives and functions of TPR are exercised efficiently and effectively.
The role includes:
- protecting the benefits under occupational and personal pension schemes of, or in respect of, members of such scheme
- reducing the risk of situations arising from which may lead to compensation being payable from the Pension Protection Fund
- promoting and improving understanding of, the good administration of work-based pensions schemes
- being an executive member of TPR's Board, contributing to and reviewing the strategic direction of TPR
- operational leadership of TPR, with its workforce of around 600 and annual budget of around £80 million, including leadership of our executive management team and corporate secretariat, stewardship arrangements with government, and working with key stakeholders
- preparing our annual report and accounts for submission to the Secretary of State
- responsibility for ensuring that operational costs represent value for money and that our business is delivered in a cost effective manner, as accounting officer
Kirstin Baker - Non-Executive Director
Kirstin Baker has over twenty years' experience in economic and finance roles in the civil service and was most recently Finance Director at HM Treasury. She previously worked as a senior policy official in the Treasury, heading the team responsible for co-ordinating public spending and managing many of the Treasury’s interventions in individual banks in the wake of the 2008 financial crisis.
Kirstin’s earlier career was in EU policy and she worked as a competition official in the European Commission. She has also worked for the Scottish Government, leading policy on infrastructure investment.
Kirstin is a non-executive director and Inquiry Chair at the Competition and Markets Authority. She is also a non-executive director at Brighton and Sussex University Hospitals Trust, a non-executive advisor at Western Sussex Hospitals Trust, an independent member of Council at Sussex University and a member of the audit committee of Clarion Housing Group.
Kirstin was awarded a CBE in 2011 for her work during the financial crisis.
Robert Herga - Non-Executive Director
Robert is a solicitor with more than 30 years' experience of working in major corporations. Robert is currently General Counsel and Company Secretary at Gatwick Airport Limited having previously held that position at BAA plc and Carpetright plc. Prior to that he had undertaken legal roles within British Steel and BT. Robert is the Chairman of Trustees for the defined benefit pension scheme of Gatwick Airport Limited.
David Martin - Non-Executive Director
David Martin has over 45 years' experience in the pensions industry, including 30 years of giving direct advice to trustees of occupational pension schemes. He is an actuary and was a partner at Mercer Ltd and its predecessor companies (1980 to 2012).
David is involved at a senior level with the Actuarial Profession and is Chair of the Professionalism Committee of the International Actuarial Association.
Tilly Ross - Non-Executive Director
Tilly Ross is a qualified actuary and was until 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 Chair of Electricity Pensions Limited.
She was a non-executive director of The Pensions Advisory Service (TPAS) from 2010 to 2015 and is a former Chair of the CBI’s Pensions Panel.
Sarah Smart - Non-Executive Director
Sarah is an experienced non-executive director and independent trustee. She is a qualified chartered accountant and holds a portfolio of non-executive and advisory positions.
Sarah is Senior Independent Director and Chair of the Audit Committee for The Pensions Regulator. In addition, she acts as a senior adviser for Avida International and is an independent member of the Unilever Pension Scheme Investment and Funding Committee. She also chairs the Financial Times Pensions Governance Committee and is a board member and Chair of the Audit Committee for Big Society Capital. Sarah is passionate about making the financial services industry work better for the people it serves.
Prior to moving to a portfolio career, Sarah worked in the investment management industry. She spent nine years with Standard Life Investments and was latterly responsible for developing and managing liability-driven and absolute return investment solutions for institutional investors. Sarah is highly respected within the pensions industry and has won many accolades for her innovative approach to pensions.
Margaret Snowdon OBE - Non-Executive Director
Margaret Snowdon OBE 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. In April 2015, she was appointed as a director of the Independent Governance Committee of the Phoenix Group Board and moved to the Phoenix Group With Profits Committees on 1 December 2017. She was appointed an independent non-executive director of XPS Pensions Group plc in February 2017 and became a member of the Advisory Board of Moneyhub Financial Technology Ltd in May 2018. Among other voluntary roles, she has been Chair of the Monitoring Board on Incentive Exercises since 2012, Chair of the Pensions Administration Standards Association since its launch in 2011 and also chairs the Pension Scams Industry Group that developed the Combating Pension Scams Code of Practice (first published March 2015).
Margaret is a Fellow of the Pensions Management Institute and a Fellow of the Pensions Advisory Service, an organisation she also chaired between 2007 and 2010. She was appointed to HM Treasury's Pensions Dashboard Steering Group in September 2016 and continues to advise DWP on the project.
Helen Aston - Executive Director
Helen qualified as a chartered accountant (ICAEW) in 2001 and became a fellow in 2012. She worked for PwC (previously Coopers and Lybrand) between 1997 and 2012 in their Manchester, London and Leeds offices. For 12 years, she worked with private equity houses, public and private companies providing financial due diligence and FTSE / AIM listing work. During the early part of the financial crisis, Helen also worked with a number of banking and corporate clients on restructures and insolvencies.
Helen then decided to focus on pensions covenant work with PwC. She provided covenant advice for scheme funding, mergers and acquisitions transactions, and corporate restructures and insolvencies to trustees of pension schemes and corporate clients, including a number of FTSE 100 companies. It was during that time, in 2011, she completed a secondment to TPR providing covenant and financial advice to the Frontline Regulation team.
In January 2013 Helen joined TPR permanently as a covenant adviser and became Interim Finance Director in March 2014. She was appointed to TPR’s Board as Executive Director of Finance and Operations on 1 December 2015 and is a member of our Executive Committee. She has responsibility for finance, corporate planning and performance, procurement, facilities and contract management, IT, change services and corporate governance and compliance, including the support to our Determinations Panel. She is a regular attendee of our Audit and Risk Assurance Committee and chairs the Portfolio Oversight Board. She is also the executive sponsor of our Women’s Network.
David Fairs - Executive Director
David was appointed Executive Director of Regulatory Policy, Analysis and Advice on 2 July 2018.
He is responsible for development of policy for TPR and has oversight of TPR’s professional advisers including lawyers, actuaries, investment advisers and business analysts.
David is a former Chairman of the Association of Consulting Actuaries and Director of the Association of Consulting Actuaries Limited, a former Council member of the International Actuarial Association, and inaugural Chairman of the Joint Industry Forum for Workplace Pensions. He was also a Council member of the Society of Pension Consultants and is immediate past Chairman of the Actuaries Club.
David was a Senior Partner in the Pensions practice at KPMG where he advised on the design, implementation, management and communication of pensions and employee benefit arrangements. Immediately prior to joining TPR, David developed and lead the Trustee Board Effectiveness service provided by KPMG and in collaboration with the Pensions and Lifetime Savings Association. He has previously worked with DWP and HM Treasury on pensions and pension taxation policy.
Nicola Parish - Executive Director
Nicola was appointed to TPR’s Board as Executive Director of Frontline Regulation on 1 August 2016 having previously held a number of roles at TPR.
Nicola is now responsible for overseeing all of our frontline activities from intelligence gathering and analysis, activities by our Customer Support team and our case work from more straightforward compliance with the basics through to complex enforcement case work. Whilst at TPR Nicola has been Director of Case Management and Director of Legal Services and Enterprise Risk Management.
She joined TPR as a litigation lawyer in 2008 having previously managed investigations in the Enforcement Division of the FSA.
Nicola was a senior prosecutions lawyer at the Securities and Futures Authority and a commercial litigator at City firm Denton Hall where she began her career.
Board meeting summaries and board expenses