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Board meeting summary March 2021

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

Apologies and welcomes

The Chair welcomed all those attending, including the Chief Technology Officer of the Pension Protection Fund (PPF); apologies had been received from Katie Kapernaros and Jo Hill. Richard Edes, Acting Director for Strategy and Risk (AD S&R), was in attendance.

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

The Chair’s update

Interviews for the new Chair had been held the previous week and it was understood that the DWP would be making a recommendation to the Secretary of State. In the meantime, the intention remained that the Senior Independent Director would take over as interim Chair from 1 April.

The Chairman had recently chaired a joint senior level meeting with FCA to check progress on key joint actions and to foster alignment and understanding between the organisations.

CEO report

The corporate strategy had been launched that day, and the consultation on criminal powers was due to be launched.

The Gender Pay Gap report for 2020 had just been finalised and would be sent to Board members. For the first time, TPR was also reporting on disability, ethnicity and sexual orientation pay gaps.

The DWP’s annual assurance assessment had changed TPR’s risk rating from low to low/medium in light of our levy budget restrictions next year; their acknowledgement of the situation we face was welcomed as positive.

The Board received a broad update on some live cases.

Budget and Corporate Plan

The Board approved the general size and shape of the budget and contingency, subject to such minor adjustments within the overall limit that the CEO might agree.

The Board also received and was happy with an update on progress with the Corporate Plan.

Risk and assurance framework proposal (external risks)

The Board received an update on the framework, and was supportive of the direction of travel.

Biannual Remuneration and People Committee (RapCo) oral report

The Chair of RaPCo gave an oral report on developments at the Committee.

Any other business

On behalf of the Board and of TPR, the Senior Independent Director and the Chief Executive both expressed deep gratitude to the outgoing Chairman for the last seven years of dedicated service. He was an exemplary leader who would be sorely missed.