A summary of The Pensions Regulator (TPR) Board meeting in December 2024.
Welcomes and apologies
The Chair welcomed members and guests, noting apologies from Neil Bull, Executive Director of Market Oversight, Atif Moghal, NextGeneration Non-Executive Director, and Radojka Milijevic, Cambell Tickell Consultant.
Strategy, Policy and Analysis (SPA) directorate: presentation of vision
The Executive Director of SPA presented the organisational transformation of the SPA directorate, focusing on the saver and pensions ecosystem.
Declarations of conflicts of interest
No new declarations were made. Alison Hatcher, Non-Executive Director, declared a new appointment at Islington and Shoreditch Housing Association Board.
Draft minutes of November 2024 Board meeting
The minutes of 13 November 2024 were approved.
Chair's update
The Chair provided an overview of recent events and meetings, including committee observations, 1:1s with Non-Executive Directors (NEDs), and meetings with the Financial Conduct Authority and the Money and Pensions Service. The Chair also discussed the pay remit delay and contractual arrangements for NEDs.
Routine business
The Board reviewed the action plan and forward plan, proposing deep-dives into Market Oversight and Supervision, a team-building session, and sessions on risk-based regulation and reward strategy.
Audit and Risk Assurance Committee (ARAC) biannual report
Chris Morson, Non-Executive Director, updated on ARAC's focus, highlighting internal whistleblowing processes and the successful conclusion of the unmanaged data project. The balance of controls and the culture of control were discussed.
Remuneration and People Committee (RaPCo) biannual report
Mandy Clarke, Non-Executive Director, reported on the reward project roadmap and the importance of staff involvement in the transformation programme. The My TPR survey results were disappointing, and succession planning was discussed.
CEO report: strategy (including transformation update)
The CEO discussed a shift towards a prudential style of regulation, focusing on scheme investments, data quality, and trusteeship. The transformation roadmap and its impact on the organisation were also discussed.
Key policy updates
The Head of Policy summarised current policy work, including influencing government policy around private pensions and the upcoming Pensions Bill. The Financial Conduct Authority consultation on a new value for money framework was also discussed.
External risk update
The Interim Director of Evidence and External Risk provided an update on recruitment within the External Risk team. The importance of data ingestion and the impact of cyber threats were highlighted.
Risk appetite statement (RAS) and general risk overview
The Head of Risk and Regulatory Assurance introduced the new narrative version of the RAS. The Board discussed risk appetites for climate change, technology, cyber risk, and people-related risks, deciding on appropriate levels for each.
Board effectiveness review
James Tickell, Consultant from Campbell Tickell, presented the findings of the Board effectiveness review, highlighting positive feedback and areas for improvement, such as Board cohesion and strategic focus.
CEO report: operations
The CEO highlighted key challenges, including improving compliance, managing market dynamics, and reducing pension scams. The pay remit was finalised, and the Annual Report and Accounts were laid.
Questions on papers to note
There were none.
Any other business
There were none.
There being no further business the Chair thanked members for their contributions and brought the meeting to a close at 14:05