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Board meeting summary November 2019

A summary of The Pensions Regulator's (TPR) Board meeting in November 2019.

Apologies and welcomes

Mark Boyle welcomed all those attending including Stephen Wilcox, Chief Risk Officer, Pension Protection Fund (PPF), and Kiershen Mackenzie, Board Secretary, attending as an observer for her first meeting.

No declarations of interest were raised.

Matters arising

The Chairman summarised the discussions and outcomes of the Strategy Board Awayday which members had attended the previous day. The Board agreed on areas of focus, and areas for development going forwards.

The Non- executive Director (NED) recruitment process was running to time with a good field of candidates and the interviewing panel had made clear and specific appointment recommendations to the Secretary of State. However, the pre-election period had caused a delay to the appointment process progressing.

Q2 Corporate Performance Report

Helen Aston introduced the paper highlighting that 14 out of 18 key performance indicators (KPIs) were rated green with three rated amber, and one at red, which has previously been discussed by the Board.

Board members discussed the current full year forecast, and the Interim Director of HR updated members on the ongoing recovery in recruitment.

CEO’s report

Charles Counsell gave a verbal update to the Chief Executive Officer (CEO) report submitted to the Board in light of the General Election being called during the late stages of the drafting of papers. He confirmed that as a result, the Pensions Bill had currently fallen away although support for the Bill from the current and shadow Minister for Pensions may indicate the potential for the Bill to be re-introduced post election.

37 of the original 38 Master Trust applications have been authorised – one master trust having withdrawn their application. The CEO congratulated all the The Pensions Regulator (TPR) staff for completing the authorisation regime work within the statutory deadline. Many of the authorised master trusts that have fed back that the process of authorisation has helped them to improve how they run their schemes.

The recent Stakeholder Conference, which included café style breakout groups, was a great success. 92% of attendees said the conference was helpful and a good use of their time.

The Director of Enforcement, Director of Supervision and Executive Director of Front Line Regulation presented case updates from Frontline Regulation.

Job Evaluation Review

The CEO, Chair of the Remuneration Committee (RemCom) and Interim Director of HR updated the Board on work to review reward across TPR following the introduction of a new pay structure in April 2019.

The Chair of the Remuneration Committee affirmed the Committee’s view that the grading structure now in place is sound, and that this is reflected in the review’s findings. RemCom is supportive of the proposed way forward to address issues identified from the review and for a lessons learned review of the original job evaluation exercise. 

Superfunds

The Executive Director of Regulatory Policy, Advice and Analysis updated Board members about the current discussions and views around Superfunds.

There was a full discussion and the Board agreed TPR’s position and next steps, and that the Board should be part of the decision making informed by executive recommendation.