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Board meeting summary February 2021

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

Apologies and welcomes

The Chair welcomed all those attending, including the Chief Executive of the Pension Protection Fund (PPF); apologies had been received from Jo Hill (Executive Director – Strategy & Risk), and Richard Edes (Interim Director for Strategy & Risk) would be in attendance for items 1-7 only.

A conflict was declared in relation to a scheduled oral case update and it was agreed that the member in question would recuse themselves for the update.

The Chair’s update

The Board were updated on progress with the recruitment campaign for the next Chair, and reminded members that the agreed plan was for the Senior Independent Director to be the interim Chair; this was awaiting approval from the Secretary of State.

CEO report

The Board was informed that Royal Assent for the Pensions Schemes Bill was expected in early February, and noted TPR’s first use of a European arrest warrant. It was updated on progress with the assessment of two DB superfunds, and noted that the Executive Director of Front Line Regulation had appeared at the Work and Pensions Select Committee alongside representatives from other organisations in Project Bloom.

The Board received oral case updates.

Strategy progress update

Discussion included the need to ensure what is set out in the plan is deliverable. Members agreed that the strategy was in a good place and agreed to delegate final approval to the Chairman and Chief Executive.

Pensions Dashboard Full Business Case (FBC)

The pensions dashboard would provide essential information for savers all in one place, enabling them to plan better for retirement. The Board approved the business case for Phase 1A of the project.

Climate change strategy

The Board approved the proposed strategy, which drew together information about activities being and to be undertaken by TPR.

Determination Panel (DP) Chair’s update

The DP Chair reported on what had been the final year of his tenure, and the Chair elect gave his early reflections on the role. The outgoing Chair was thanked on behalf of the Board for his contribution.