A summary of The Pensions Regulator (TPR) Board meeting in May 2024.
Welcomes and apologies
The Chair welcomed the members and guests, including Michelle Ostermann, CEO of the Pension Protection Fund, Andrew Baigent, Chief Operating Officer (COO) designate, and Anthony Townsend, Chair of the Determinations Panel. There were no apologies.
Declarations of conflicts of interest
No further declarations of interest were made at the meeting.
Draft minutes of 21 March 2024 board meeting
The Board approved the minutes of the previous meeting subject to a minor amendment.
Chair's update
The Chair updated the Board on the items for decision via correspondence, discussion with the DWP on pay remit setting, and her attendance at the Senior Leadership Team meeting.
CEO report: operations
The CEO reported on the recruitment campaign for the regulatory Executive Directors roles, the delay in the cross-government pay remit, and the progress of the DB funding code implementation paper. The Board discussed the closure report for the digital service delivery project, the staff turnover and recruitment challenges, the opening of the Birmingham office hub, and the recent external communications.
Determinations Panel: annual update
The Determinations Panel Chair presented an update on the Panel's activities, noting the low number of cases referred to the Panel and the reasons for this. The Board discussed the potential increase and diversity of cases in the future and the importance of some unsuccessful cases.
Quarter four corporate performance report
The Board considered the quarterly report, which covered key performance information on spending, regulatory case milestones, and operational issues. The Board suggested simplifying the format and focusing on key insights, challenges, and mitigations. The Board requested a revised iteration of the report in September.
Draft Annual Report and Accounts (ARA)
The Board reviewed the draft ARA and requested further editing and amendment to ensure the tone and overall narrative is fair and balanced. The Board asked the interim COO to take ownership of the ARA and present a new draft to the Chair, the Senior Independent Director, and the CEO, before the Audit and Risk Assurance Committee (ARAC) review. The Board also asked for a review of the ownership and process of compiling the ARA ahead of next year.
Key project updates
The Board received an update on the key projects and the devolution of the portfolio into the individual directorates. The Board raised concerns about the benefits realisation, cost control, and governance of the devolved projects and asked for change guidance and protocols to be created and presented to the ARAC as soon as possible.
CEO report: strategy
The CEO informed the Board of the launch of the latest three-year Corporate Plan and the importance of the 'People' pillar. The Board recommended the strategic people plan be scheduled on the Remuneration and People Committee (RaPCo) agenda.
Digital Data and Technology (DDaT) Strategy
The Board discussed and approved the DDaT strategy, and providing future reports on the benefits, cost savings, risk levels, regulatory grip improvements, and methods to monitor progress. The Board also discussed the skills and capabilities required to support the strategy and the sequencing of the rollout.
TPR data ownership framework
The Board was informed of the data ownership framework and how it links to the Senior Manager Regime. The Board supported the framework, acknowledging the need for appropriate support and upskilling for TPR staff. The Board also suggested that data ownership should be a core competency skill.
Regulatory Compliance and Market Oversight: approach to current threats and harms
The Board was given an overview of the approach to current threats and harms and the new approach to cases in Regulatory Compliance. The Board noted that the transformation phase may impact on operational delivery and that the success of the new approaches would be reflected in the Determination Panel Annual Report.
Papers to note
The Board noted the papers on the public enforcement strategy, the assurance mapping, and the diversity and inclusion update.
Routine business
The Board reviewed the action plan and the forward plan and agreed on the items for the next meeting.
Any other business
There were no items of any other business.