Board meeting summary April 2025

Minutes of a Meeting of the Board of The Pensions Regulator 

Thursday 24 April 2025, 9:30AM – 12:30PM.

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Welcomes and apologies

The Chair welcomed members and guests. Apologies were received from Neil Bull, Executive Director of Market Oversight, Nina Blackett, Executive Director of Strategy, Policy and Analysis, and Amanda Moore, Chief Transformation Officer.

Declarations of conflicts of interest

No conflicts of interest were declared.

Draft Board minutes of 20 March 2025

The minutes of the meeting on 20 March 2025 were approved.

Matters arising and Chair update 

A verbal update covered recent engagements.

Non-Executive Committee (NEC) verbal update

The NEC convened on 9 April to review and discuss a proposal intended for submission to the DWP.

Routine business

The action plan and forward plan were reviewed, and the need for action deadlines to be revised for improved tracking was highlighted.

Corporate Plan including Corporate Measurements (KPIs)

The Board reviewed progress on the refreshed 2024-2027 Corporate Plan, including updates to priority outcomes and alignment with government initiatives. Key discussions focused on incorporating No.10 growth commitments, refining KPIs, strengthening regulatory language, and ensuring clarity and consistency. Members highlighted the need for realistic measurement approaches and strategic messaging around market volatility.

CEO Report - Operations

The CEO reported on new senior appointments, operational challenges including legislative delays and progress on transformation initiatives. The Board discussed governance concerns in master trusts, cybersecurity improvements, and regulatory resourcing. Assurance was given on oversight flexibility, and the Board commended the proactive approach to risk management.

Schedules of delegation

The Board reviewed and approved updates to the Schedules of Delegation, including changes to regulatory and financial authorities to align with governance structures and departmental standards.

Enterprise Risk Management

The Board reviewed improvements to risk reporting, emphasising the need for clearer evidence of mitigation and visibility of evolving risks. Key concerns included trusteeship and pension administration oversight, alignment with the corporate plan, and the growing significance of external risks. Members called for stronger escalation processes, clearer post-mitigation assessments and strategic scenario planning.

Questions on papers to note

There were none.

AOB

The Board acknowledged new procurement guidance from the Cabinet Office, the UK Supreme Court ruling of the definition of a woman and TPR’s response to staff, and expressed gratitude to Alison Hatcher for her contributions to the TPR Board over the past three years, marking her final meeting.

Review of meeting

The Board discussed the conduct of the meeting to identify potential improvements.

Next meeting

The next Board meeting is scheduled for Wednesday 18 June 2025.

The meeting closed at 12:30.

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