A summary of The Pensions Regulator (TPR) Board meeting on 24 July 2024.
Welcome and apologies
The Chair welcomed Nina Blackett as the new Executive Director for Strategy, Policy and Analysis (SPA), and Gaucho Rasmussen as the Executive Director of Regulatory Compliance, Designate. Apologies were received from Mel Charles, Interim Executive Director of Regulatory Compliance.
Declarations of conflicts of interest
There were no declarations of conflicts for items on the agenda. Katie Kapernaros, Non-Executive Director (NED), disclosed a new position as a NED for South Central Ambulance Service.
Draft Board minutes of 16 May and 02 July 2024
The Board approved the minutes of the previous meetings.
Chair's update
The Chair gave an update on recent events and meetings, including the recruitment for Executive Director of SPA, the regulatory Chairs and CEO meeting, and the introduction with the new Minister for Pensions, Emma Reynolds MP. Non-Executive Directors, Chris Morson and Mandy Clarke, gave verbal updates on the work of the Audit and Risk Assurance Committee (ARAC) and the Renumeration and People Committee (RaPCo) respectively.
Action plan
The Board reviewed the action plan and noted the progress and closure of several actions.
CEO report: strategy
The CEO presented her report, highlighting the key regulatory messages delivered to the market, the unveiling of the new approach to master trust supervision, and the request for rule-making powers on value for money. The Board discussed various topics, including the role of pensions in productive finance, the broader pension landscape, and the meeting with the new minister.
Regulating post DB funding code implementation
The Interim Director of Supervision and Interim Head of Supervision presented the benefits of the new code, the tools and regulatory levers to implement it, and the plans to introduce it to the wider marketplace. The Board endorsed the proposals and discussed the capacity planning, risk bars, data and digital capability, and enforcement of the code.
TPR's data strategy
The Executive Director of Digital, Data and Technology (DDaT) introduced the draft organisational data strategy, which aimed to improve data quality, governance, and utilisation across the organisation and the industry. The Board supported the strategy and agreed in principle to publish it externally, subject to further iteration and language refinement. The Board also requested a future discussion on data ethics and governance.
My TPR findings
The Head of Analysis and Insight and the Director of People and Culture presented the results of the staff engagement survey.
[The Board entered confidential session.]
[The Board entered confidential session.]
Confidential
[The Board left confidential session.]
Risk overview
The Chief Operating Officer (COO) gave an overview of the internal risks, controls, and mitigations, noting an overall reduction in risk scores. The Board discussed the need for more clarity on the drivers and categories of risk, the flexibility of approach to external threats, and the distinction between a risk and an issue.
External risk update
The Interim Director of Strategy, Policy, and Analysis presented the proposed external risk framework, which aimed to include broader socio-economic risk, alongside regulatory and macroeconomic risk. The Board supported the general direction of travel and the need to understand the external operating environment, but requested more clarity on the risks TPR can influence and respond to, and the RAG rating and time-horizons of the risks.
Value for money deep dive
This item was postponed for a separate session.
Key policy 'wish list' (Day one briefing update)
The Interim Director of Strategy, Policy, and Analysis presented the key policy 'wish list', which followed on from the discussion at the previous Board meeting.
CEO report: operations
The CEO presented her report, focusing on the change at pace within the organisation. She explained the de-centralisation of project oversight and the role of the Delivery Assurance Committee, and the intention to reframe the corporate strategy bearing in mind changes in the pensions landscape.
Board objectives
The Chair introduced seven new Board objectives, which aimed to provide a focus for the board agendas during the year. The Board approved the objectives for publication.
Routine business
The Board reviewed the forward plan and noted the papers from ARAC and RaPCo.
Any other business
The Board discussed the appointment of the Determinations Panel Chair and agreed that Non-Executive Director George Walker would chair the appointments committee. The Board also approved a retrospective request for funding for the minority ethnic network cultural away day.