A summary of The Pensions Regulator (TPR) Board meeting in September 2024.
Welcome and apologies
The Chair welcomed members, observers, and guests, and introduced new observers. Apologies were noted from Michelle Ostermann, Chief Executive of the Pension Protection Fund, and Atif Moghal, NextGeneration Non-Executive Director.
Declarations of conflicts of interest
No new conflicts of interest were declared. Alison Hatcher, Non-Executive Director, was recused from discussions related to the Pensions Superhaven.
Draft minutes of 24 July 2024 Board meeting
Subject to a minor wording amendment, the minutes of 24 July were approved.
Chair's update
The Chair emphasised the importance of timely submission of Board papers and provided an overview of recent meetings and events attended, including discussions with the new Pensions Minister and other key stakeholders.
CEO report: strategy
The CEO highlighted recent activities, including the laying of the DB code and engagement with the new government. Key priorities include better outcomes for savers and driving investment into productive UK assets. The launch of the Pensions Superhaven was discussed.
[The board entered confidential session.]
Transformation strategy update
[The board left confidential session.]
Progress on asks in the upcoming Pensions Bill
The Board discussed the development of the Pensions Bill and the two-stage pensions review. The DWP has been receptive to TPR's asks, particularly around information gathering powers. The Board emphasised the importance of influencing DWP policy direction based on evidence and insight.
[The Board entered confidential session.]
Reward strategy update
[The Board left confidential session.]
Quarterly corporate performance report
The new format of the corporate performance report was discussed. The Board requested a balance between strategic and operational information, more graphics and data, and insight on stakeholder feedback. The financial underspend and attrition rates were also noted.
CEO report: operations
The CEO thanked departing colleagues and discussed the oversight and control environment. The creation of the Delivery Assurance Committee (DAC) was highlighted, which will provide assurance on information and corporate reporting.
Schedule of Delegations
The Board approved updates to the Schedule of Delegations, including changes to role titles and the application of the common seal. Board approved the changes to the Schedule of Delegations.
Value for money: deep dive
The Board discussed the importance of value for money in pensions, balancing costs with good retirement outcomes. The need for open data and the impact of the Financial Conduct Authority's directive on open standards were highlighted.
Routine business
The forward plan was reviewed, and the Board approved the renewal of Stonewall membership and LGBT Great sign-up. The process for approving revisions to the Annual Report and Accounts was delegated to the Chair and CEO.
Any other business
The Board agreed to change membership from the UK Regulators Network to the Boardroom Apprentice scheme. The DB funding statement of strategy was delegated to the Executive Committee for sign-off.