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The CEO of The Pensions Regulator, Charles Counsell, is to step down in 2023 after deciding to not search a second time period.
He took up the submit of CEO in April 2019 and can step down on the finish of March 2023.
Throughout his time as CEO, Mr Counsell has launched a brand new 15-year technique to put savers “on the coronary heart of all it does” and embraced the shift from outlined profit to outlined contribution saving, the TPR stated.
The TPR has been closely concerned below his management within the combat in opposition to pension scams and in implementing new legislative powers below the Pension Schemes Act 2022.
The regulator has additionally labored intently with the FCA. Alongside this, there was consolidation within the DC market, with 36 DC grasp trusts now authorised, containing greater than 20m saver memberships and £79bn in property.
TPR has virtually 32m pension pots in DB, DC and MT schemes below supervision.
Mr Counsell beforehand spent six years on the TPR as govt director for Automated Enrolment, answerable for the roll-out of this programme throughout the UK. Automated enrolment now has greater than 10 million employees saving right into a office pension.
Mr Counsell stated: “My time as chief govt of The Pensions Regulator has been tremendously rewarding. Within the face of fast legislative change, and in opposition to a backdrop of the pandemic and difficult financial situations, I’m immensely happy with the work we have now delivered. It has been an enormous privilege to work with so many devoted and passionate colleagues.
“Our new 15-year company technique is well-embedded and has led to a elementary shift in our focus to embrace the altering face of pension saving. From April 2023, there shall be a wonderful alternative for a brand new chief govt to take the technique into its subsequent section. I’m assured TPR will be sure that the wants of savers, in any respect phases of their pension journeys, stay the driving force of how we function, underpinned by our priorities for worth for cash, safety and scrutiny of choice making.
“Within the meantime, I stay absolutely dedicated to my position. There’s a lot to do within the subsequent months, from consulting on our new DB code, working with trustees to arrange for Dashboards and pushing on with our work to enhance scheme governance and worth for cash in keeping with the gathering tempo of consolidation.”
TPR chair Sarah Sensible, stated: “I wish to thank Charles for the dedication and management he has proven as chief govt. He has performed a pivotal position in reshaping TPR as an organisation which, at its coronary heart, is now centered on making certain savers have one of the best likelihood of realising the retirement outcomes they deserve.”
The seek for a successor shall be led by Ms Sensible. The appointment shall be topic to the approval of the Secretary of State for Work and Pensions.
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