Pensions Regulator CEO to step down

The Chief Executive of the Pensions Regulator (TPR), Lesley Titcomb, is stepping down at the end of her four year term in February 2019.

Since she became Chief Executive in 2015, TPR has focused on becoming a more visible and proactively engaged regulator with the aim of ensuring that pension scheme members receive the benefits they are due. However her stewardship has coincided with some high profile business failures, including BHS and Carillion, where significant deficits attached to their defined benefit pension schemes. The report recently issued by the Work and Pensions Committee and the Business, Energy and Industrial Strategy Committee into the collapse of Carillion was highly critical of TPR’s behaviour in dealing with Carillion’s pension scheme deficit.

Mark Boyle, TPR’s Chairman, will begin the search for a new Chief Executive immediately with the eventual appointment being subject to the approval of the Secretary of State for Work and Pensions.