Lesley Titcomb, chief executive of The Pensions Regulator (TPR) is set to leave her role at the end of her four year contract in February, the watchdog confirmed.
Her departure comes amid growing political pressures over the regulator’s role in the collapse of the Carillion pension scheme. Two weeks ago, the Work and Pensions Select Committee published an inquiry into the bankruptcy, concluding that the regulator had “failed in all of its objectives.”
The watchdog has recently announced that it intends to intervene more proactively in securing pension benefits, over the last year, it has increasingly used its enforcement powers, among others to ensure that employers comply with their automatic enrolment duties.
Mark Boyle, chairman of the TPR board, argues that Titcomb has played a key role in the turnaround: “She has been a real catalyst for change, working with energy and drive to get results and make a difference to the way we work. Lesley has strengthened our leadership team and will continue, over the coming months, to implement TPR Future, the change programme she and I instigated together which is already making us a more effective regulator.”
Among others, Titcomb has contributed to securing £363m for members of the BHS pension schemes and £329m for Coats members, she has also negotiated enhanced pensions for the members of the British Steel Pension Schemes by securing over £500m from Tata Steel UK to set up a new scheme.
The regulator will now actively seek to hire her successor, whose appointment will be subject to the approval of the Secretary of State for Work and Pensions.
