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Board meeting summary July 2022

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

Apologies, welcomes, declarations of conflicts of interest

The Chair welcomed everybody to the meeting. No declarations had been received in advance or were made at the meeting.

Chair’s update

The Chair reported that the new Non-Executive Director appointment had been approved (subject to terms and conditions), and that Alison Hatcher would join the Board from the 1 August 2022.

The Chair updated the Board on meetings held with Financial Conduct Authority and The Pension Protection Fund.

The Chair had met with the Secretary of State, discussions covered Year of the Trustee, mandating the use of professional trustees and Value for Money (VfM).

CEO report

Stakeholder panels: the Board received an update on the progress following the first meetings of the employer, scheme and practitioner and saver panels. The employer panel wanted TPR to promote the message that employers should continue to meet their AE duties. The pressures reported by members of the scheme and practitioner panel were noted.  

Saver panel: the first meeting went very well, and members were enthused to be part of it. Members represented various groups. Most felt they could access the genuine voice of the saver by accessing their memberships.

Defined benefit scheme funding regulations: the submission had gone to the Minister for Pensions and it was hoped they would be published before the summer recess, although this could not be guaranteed.

Government’s response to its consultation document on draft dashboards regulations: this was due to go out before the summer recess.

Board risk review

The Board conducted its regular review of TPR’s risk landscape.

Strategy update

The Board received an update on progress on its strategic steers following the Board away day and were presented with key strategic questions central to unlocking and guiding the work, which were discussed in some depth. The Board agreed the approaches presented, subject to various comments and questions. It was agreed that monitoring and communication of progress would be important.

VFM and underlying principles

The Board members were given an understanding of the internal Value for Money work strand and how this fitted into wider strategic challenges for TPR. The Board were able to provide early steers on the direction of travel.

Public Bodies Review

The Board discussed the upcoming public bodies review. The completed self-assessment is to be submitted by September.

Questions on papers to note

The Board noted the TPR Priorities 2022 to 2023 letter from the Minister for Pensions.

Any other business