Back

The Pensions Regulator

The Pensions Regulator
Agency overview
Formed5 April 2005 (2005-04-05)
Preceding agency
  • Occupational Pensions Regulatory Authority
HeadquartersTelecom House, 125-135 Preston Road, Brighton BN1 6AF, United Kingdom
Agency executives
  • Sarah Smart, Chair
  • Nausicaa Delfas, Chief Executive
Websitethepensionsregulator.gov.uk

The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005[1] and has wider powers and a new proactive and risk-based approach to regulation.

The Occupational Pensions Regulatory Authority was established by the Pensions Act 1995 and came into full operation on 6 April 1997. It replaced the Occupational Pensions Board as the regulator of occupational pensions in the UK.[2]

The Pensions Regulator has a clear set of objectives:

  • to protect members’ benefits
  • to reduce the risk of calls on the Pension Protection Fund (PPF)
  • to promote, and to improve understanding of, the good administration of work-based pension schemes
  • to maximise employer compliance with automatic enrolment duties;
  • to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).

To meet these objectives The Pensions Regulator employs a risk-based approach, concentrating its resources on schemes which pose the greatest risk to the security of members’ benefits. The regulator also promotes high standards of scheme administration and works to ensure that those involved in running pension schemes have the necessary skills and knowledge.

David Norgrove was appointed the first chair of The Pensions Regulator in January 2005. After 2 terms, he was replaced by Michael O'Higgins (economist) in January 2011. Mark Boyle became Chair in 2014 and was reappointed for a second term.[3] Lesley Titcomb became chief executive in March 2015[4] and was replaced by Charles Counsell in April 2019.[5] Mark Boyle stepped down in March 2021 and was replaced by Sarah Smart in April 2021, initially on an interim basis.

  1. ^ "Annual report" (PDF). www.thepensionsregulator.gov.uk. 17 December 2004 – 31 March 2005. Archived from the original (PDF) on October 2, 2006. Retrieved 10 May 2023.
  2. ^ Whitaker's Almanack; 1998; p. 331
  3. ^ "Chair of the Pensions Regulator re-appointed". GOV.UK. Retrieved 2019-04-30.
  4. ^ "Lesley Titcomb announced as new Chief Executive of The Pensions Regulator". thepensionsregulator.gov.uk. Retrieved 9 May 2016.
  5. ^ "TPR appoints Charles Counsell as new Chief Executive". The Pensions Regulator. Retrieved 2019-04-30.

Developed by StudentB