TPR chief steps down after 'rewarding' tenure

The Pensions Regulator’s (TPR) chief executive has announced his decision to step down since taking up the role in April 2019.

Charles Counsell revealed that he would not be seeking a second term following a successful tenure at the body and will end his time at the business in March 2023.

During his time as CEO, he helped spearhead a fundamental reorientation of TPR by delivering TPR’s new 15-year strategy to put savers at the heart of all it does, while also embracing the shift from defined benefit to defined contribution saving.

In addition, he ensured that staff at the body have been able to offer vital work to help cement the organisation as a clear, quick and tough regulator.

For example, stakeholders welcomed its response to the pandemic, which incorporated a suite of communications and guidance, as well as targeted easements and direct contact with schemes and administrators.

Commenting on his decision to step down, Counsell said: “My time as chief executive of The Pensions Regulator has been tremendously rewarding. In the face of rapid legislative change, and against a backdrop of the pandemic and challenging economic conditions, I am immensely proud of the work we have delivered. It has been a huge privilege to work with so many dedicated and passionate colleagues. 

“Our new 15-year corporate strategy is well-embedded and has led to a fundamental shift in our focus to embrace the changing face of pension saving. From April 2023, there will be an excellent opportunity for a new chief executive to take the strategy into its next phase.

“I am confident TPR will ensure that the needs of savers, at all stages of their pension journeys, remain the driver of how we operate, underpinned by our priorities for value for money, security and scrutiny of decision making.”

Counsell noted that in the meantime he will remain “fully committed” and over the next few months will focus on consulting on the new DB code, as well as working with trustees to prepare dashboards.

While he has been stationed at TPR, the regulator has been able to make progress in the implementation of its new legislative powers under the Pension Schemes Act 2022.

For example, the business and Counsell was able to develop a clear plan with the Financial Conduct Authority (FCA) to help drive better value for money for savers, while also leading the debate for stronger diversity and inclusion across the industry.

Sarah Smart, chair of TPR, added: “I would like to thank Charles for the commitment and leadership he has shown as chief executive. He has played a pivotal role in reshaping TPR as an organisation which, at its heart, is now focused on ensuring savers have the best chance of realising the retirement outcomes they deserve.

“I look forward to another busy year working with Charles before he moves on. And while we are all disappointed he is leaving us, I know we are in the best shape possible to meet the challenges that lie ahead.”

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