A summary of The Pensions Regulator (TPR) Board meeting in November 2024.
Welcomes and apologies
The Chair welcomed members, observers, and guests, including new Board members Gaucho Rasmussen, Executive Director of Regulatory Compliance, and Neil Bull, Executive Director of Market Oversight, who were approved by the Secretary of State. Apologies were received from the Executive Director of Strategy, Policy and Analysis, and the NextGeneration Non-Executive Director.
Declarations of conflicts of interest
No new conflicts were declared. The CEO noted a new external appointment as Chair of the Audit and Risk Assurance Committee (ARAC) at Downing College, Cambridge.
Draft minutes of 19 September 2024 Board meeting
Subject to a minor wording amendment, the minutes of 19 September were approved.
Chair's update
The Chair emphasised the importance of timely submission of Board papers and provided updates on recent events and meetings, including a successful strategy away-day.
Routine business
The action plan was reviewed, and updates were to be provided post-meeting. The forward plan was discussed, with proposals for updates on the data strategy and a 'Future of AI' deep-dive in January 2025, and a team-building session.
CEO report: strategy
The CEO highlighted the forthcoming policy proposals and ongoing work with the DWP and Treasury on the Investment Review and Pensions Bill. The Board discussed the importance of balancing interactions with both departments and the impact of the constrained fiscal environment.
[The Board entered confidential session.]
Transformation strategy update
[The Board ended confidential session.]
Quarter two corporate performance report
The report was presented, noting progress and areas for improvement. The Board discussed the inclusion of enterprise risk information and the need for better articulation of risks. The budget underspend and issues with data transfer were also addressed.
CEO report: operations
The CEO provided an overview of recent activities, including the successful pilot of a new scheme case management system and the launch of a monthly parliamentary newsletter. The Board also discussed the delay in the pay remit resulting from the general election.
The Hillsborough Charter principles and its application to TPR: deep dive
The Board considered the relevance of the Hillsborough Charter principles to TPR, emphasising the importance of treating those impacted by tragedy with respect and compassion. The Nolan principles were discussed, and the need for a more human response to legal challenges was highlighted.
Questions on papers to note
The Board ratified Determination Panel appointments and approved costs for equality, diversity and inclusion memberships and events. The minutes of Audit and Risk Assurance Committee (ARAC) and Remuneration and People Committee (RaPCo) meetings were taken as read.
Any other business
There being no further business the Chair thanked members for their contributions and brought the meeting to a formal close at 13:00.