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Board meeting summary November 2022

A summary of The Pensions Regulator (TPR) Board meeting in November 2022.

Apologies, welcomes, declarations of conflicts of interest

The Chair welcomed everybody to the meeting including Kate Jones, Chair of the Pension Protection Fund (PPF) and Sheree Howard, Chief Risk Officer of the Financial Conduct Authority (FCA).

Two declarations of interest had been received in advance of the meeting. No recusals were necessary, and no further declarations were made at the meeting.

Other Regulators

The Chair welcomed Nikhil Rathi (NR), CEO of the FCA. NR thanked the CEO for all the collaboration between the two organisations to date; he believed that the partnership would be fundamental to achieving the FCA’s future objectives. He cited as examples the value of the joint working with TPR on scams, Value for money (VfM) and Liability-Driven Investments (LDI).

A presentation by NR was followed by a discussion covering topics such as enhancing autonomy and empowerment within the two organisations, the importance of data and technology, recruitment challenges and opportunities for the two organisations to work together.

The Chair thanked NR and agreed with NR about the importance of collaboration between the two organisations.

Chair's update

The Chair updated the Board on recent activities, including attendance at the savers panel and the FCA Board.

CEO report

The CEO updated the Board on the recent market volatility and TPR’s response. A key message that TPR had worked hard to convey was that pension schemes had not been at risk and that the problem had been one of liquidity.

The Board noted that TPR had been invited to appear before the Lords Industry and Regulators Committee and the Work and Pensions Select Committee.

Funding code

The Board received an update on responses to the DWP consultation.

Pensions dashboard risk appetite statement

The Board discussed risk appetite in relation to the pensions dashboard.

Any other business