The Board of The Pensions Regulator has confirmed today that Chief Executive, Lesley Titcomb has decided to leave TPR at the end of her four year contract in February 2019.
Ahead of her departure Ms Titcomb and the Executive team will continue to drive forward the significant programme of change she has been leading to make The Pensions Regulator clearer, quicker and tougher.
Mark Boyle, Chairman of the Board of The Pensions Regulator, said:
“On behalf of the Board and the whole organisation I want to express our appreciation for the superb job Lesley is continuing to do as our Chief Executive. We respect her decision, but will be very sorry to lose her. She has been a real catalyst for change, working with energy and drive to get results and make a difference to the way we work. Lesley has strengthened our leadership team and will continue, over the coming months, to implement TPR Future, the change programme she and I instigated together which is already making us a more effective regulator.”
Lesley Titcomb, Chief Executive of The Pensions Regulator, said:
“This has been a difficult personal decision taken after extensive discussion with family and the Chairman. I love working at TPR and am immensely proud of what we are achieving. But as I turn 57 next month, the end of my contract in February 2019 feels like the appropriate moment to find more time in my life for family, friends, other interests and opportunities. However, in the nine months before my departure we have a lot more to do. I will be here leading that work with my strong, committed TPR team.”
In the three years since Lesley Titcomb became Chief Executive, The Pensions Regulator has focused on being more visible and proactively engaged to ensure members of pension schemes get the pensions they have been promised.
- Helped more than 9.6m more people start saving for their retirement with more than 1 million employers complying with their Automatic Enrolment duties
- Secured £363m for members of the BHS pension schemes and £329m for Coats members, taking the amount secured through initiating anti-avoidance action to over £1bn
- Negotiated enhanced pensions for the members of the British Steel Pension Schemes by securing over £500m from Tata Steel UK to set up a new scheme
- Increased proactive case work by 90%, using powers more often and testing powers not previously used
- Secured 7 successful criminal prosecutions for failure to provide information, wilful noncompliance with automatic enrolment duties and recklessly providing false or misleading information to TPR
- Set up an authorisation regime for Master Trusts to ensure people can save with confidence
- Redesigned and begun implementing a new approach to regulation, focusing more proactively on mitigating risks through ongoing oversight, escalating intervention and quicker action across more schemes.
The search for a successor will begin immediately led by the Chairman, Mark Boyle. The eventual appointment will be subject to the approval of the Secretary of State for Work and Pensions.
TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).
Matt AdamsMedia Relations Manager