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Board meeting summary December 2021

A summary of The Pensions Regulator (TPR) Board meeting in December 2021.

Apologies and welcomes

The Chair welcomed all those attending, including the Chief Technology Officer of the Pension Protection Fund (PPF) and the Chief Operating Officer of the Single Source Regulations Office (SSRO), who was joining as part of an initiative between a number of regulators to share our experiences and learn from each other.

No declarations of conflict had been received, or were made at the meeting.

The Chair’s update

The Chair updated the Board on progress with non-executive director recruitment.

Audit and Risk Assurance Committee (ARAC) half yearly report

The Chair of ARAC reported to the Board, noting that ARAC had focussed on operational matters over the past year, including development of a robust three lines model; going forward it would continue to do so but would also increase its focus on regulatory matters.

CEO report

The Board received updates on:

  • the recent positive assessment of a superfund
  • progress with the DB funding code workstream, and the likely delay to code publication
  • climate change and sustainability initiatives within TPR

The Board reviewed all out-of-appetite risks and decided whether to tolerate, change the appetite or mandate work to bring back within appetite in each case.

Learning from another regulator

The Board received a presentation from the SSRO COO.

Board effectiveness review

TPR had commissioned external consultants to carry out a review of Board effectiveness. Their report noted the Board’s areas of strength as well as areas for development; their overarching theme had been around continuity and relationships, given the large amount of Board change. An action plan would be developed in response to the recommendations and brought back to the Board.

Approval for the CDC code of practice consultation

The Board reviewed and agreed the policy positions as set out in the draft code, and agreed that approval of the final draft code for consultation should be delegated to the Executive Director of Regulatory Policy, Analysis and Advice.

Board risk review

The Board was presented with, reviewed and welcomed a new way of reporting on risk.