Pensions Regulator chief pockets £220k pay packet

Lesley TitcombeThe Pensions Regulator chief executive Lesley Titcomb’s total pay package for last year was between £220,000 and £225,000, its annual report today reveals.

Titcomb’s pay package for the year ending 31 March 2017 was broken down into a salary of between £205,000 to £210,000 and a bonus of £15,000 to £20,000.

Titcomb’s salary did not change from 2015/16. She did not receive a bonus last year.

During the 2016/17 year TPR issued fixed penalty notices and escalating penalty notices totaling £12.6m, of which £2.1m has been collected.

During the year it refunded 188 penalties, totalling £78,000.

Actual expenditure over the year came in under budget. This was mainly as a result of lower spend on change and IT projects.

TPR did also not need to draw on reserves set aside primarily to mitigate against low employer compliance over auto-enrolment.

TPR’s expenditure in 2016/17 was £3.7m lower than its budget agreed with the Department for Work and Pensions. Over the year expenditure was £74.8m against a budget of £78.5m.

Data loss

The annual report also gives details of a “serious incident” that resulted in a data loss when a set of board papers were lost by an attendee of the board.

The report says: “While the papers were not recovered, there have been no adverse consequences. We are currently in the process of implementing secure electronic access to board and committee papers to minimise future information security risks.”

Last year TPR pursued a number of defined benefit scheme avoidance cases, including BHS, where it secured a £363m cash settlement.

It also negotiated a £225m settlement in a case involving the Coats Group.

Titcomb says: “This past year has been a challenging one, not least due to the rapidly changing environment in which we operate, but we have shown resilience and an ability to adapt and evolve to protect workplace pensions.”

She adds: “We will continue to evolve how we work to deliver new sustainable approaches to regulation across DB, DC, public service schemes and in our automatic enrolment responsibilities. We will set clearer expectations of those we regulate and explain the consequences of not meeting these expectations.”