A summary of The Pensions Regulator (TPR) Board meeting in January 2025.
Welcomes and apologies
The Chair welcomed members and guests. Apologies were received from Nina Blackett, Executive Director of Strategy, Policy and Analysis, and Neil Bull, Executive Director of Market Oversight.
Declarations of conflicts of interest
No conflicts of interest were declared.
Draft minutes of 12 December 2024 Board meeting
The minutes of the meeting held on 12 December 2024 were approved with minor amendments.
Chair's update
The Chair provided updates on recent appointments and meetings, including discussions on future Board training and engagements with the Work and Pensions Committee Chair.
Routine business
The action plan and forward plan were reviewed, noting no outstanding actions and a full meeting scheduled for March.
CEO report: strategy (including transformation update)
The CEO highlighted significant political and economic changes, including the appointment of a new Pensions Minister and regulatory changes affecting pension schemes. Concerns were raised about enterprise risks and public confidence, with discussions on effective mitigation strategies and the balance between innovation benefits and associated risks. The Board supported a higher risk appetite during the transformation phase and emphasised the importance of effective communication and leadership.
Digital, Data and Technology (DDaT) strategy: general update
The DDaT strategy aims to transform the organisation through strategic missions aligned with government ambitions. Significant progress has been made in data strategy and delivery capability. The Board discussed the importance of multidisciplinary working, external market implications, and the need for efficiency measures.
Future of AI
The strategic importance of AI was discussed, including the establishment of an AI Advisory Council and the rollout of an AI policy. The Board emphasised the need for rigorous access controls, human oversight, and addressing AI-related risks. The progress on AI implementation was endorsed, and the AI Advisory Council was approved.
Market oversight: trusteeship
The Board discussed the risks associated with professional trustees, including potential conflicts of interest and the need for better regulatory oversight. The importance of good decision-making behaviours and the potential need for additional regulatory powers were highlighted.
Key policy updates
Updates on various regulatory considerations for pension schemes were provided, including value for money initiatives, guided retirement, and defined benefit superfunds. The Board discussed the importance of addressing trustee-related issues and building strong connections with HM Treasury and the Department of Work and Pensions.
Board effectiveness report: final report
The review highlighted positive outcomes and areas for improvement, emphasising the need for strategic focus and effective committee environments. The Board approved the recommendations, with further consideration required for the proposal of a Regulatory Committee.
CEO report: operations
The report was taken as read, with discussions on compliance and enforcement efforts, payroll issues, and the need for streamlined presentation of key activities.
Questions on papers to note
The draft Audit and Risk Assurance Committee (ARAC) minutes and confidential Remuneration and People Committee (RaPCo) minutes were noted for information. The Board approved budgets for events supporting LGBT+ history month and an educational session on alcohol addiction.
Any other business
A Windows 11 session and a team-building event were scheduled ahead of the March Board 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 Thursday 20 March.
The meeting closed at 14:30.
The meeting closed at 14:30.