“On behalf of the Board and the whole organisation I want to express our appreciation for the superb job Lesley is continuing to do as our Chief Executive. We respect her decision, but will be very sorry to lose her. 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.”
Lesley Titcomb, Chief Executive of The Pensions Regulator, said:
“This has been a difficult personal decision taken after extensive discussion with family and the Chairman. I love working at TPR and am immensely proud of what we are achieving. But as I turn 57 next month, the end of my contract in February 2019 feels like the appropriate moment to find more time in my life for family, friends, other interests and opportunities. However, in the nine months before my departure we have a lot more to do. I will be here leading that work with my strong, committed TPR team.” In the three years since Lesley Titcomb became Chief Executive, TPR has focused on being more visible and proactively engaged to ensure members of pension schemes get the pensions they have been promised. It has: • Helped more than 9.6m more people start saving for their retirement with more than 1 million employers complying with their Automatic Enrolment duties • Secured £363m for members of the BHS pension schemes and £329m for Coats members, taking the amount secured through initiating anti-avoidance action to over £1bn • 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 • Increased proactive case work by 90%, using powers more often and testing powers not previously used • Secured 7 successful criminal prosecutions for failure to provide information, wilful noncompliance with automatic enrolment duties and recklessly providing false or misleading information to TPR • Set up an authorisation regime for Master Trusts to ensure people can save with confidence • Redesigned and begun implementing a new approach to regulation, focusing more proactively on mitigating risks through ongoing oversight, escalating intervention and quicker action across more schemes.
The search for a successor will begin immediately led by the Chairman, Mark Boyle. The eventual appointment will be subject to the approval of the Secretary of State for Work and Pensions.
Back to Contents
Automatic enrolment: UK workers would be happy to pay 7% 7 June 2018
A global study looking into people’s retirement outlook reveals that workers in the UK would be happy to pay more than double the current default rate of pension savings
A global study looking into people’s retirement outlook, by international pensions and investment firm Aegon, reveals that workers in the UK place greater emphasis on workplace pensions in helping them to build their retirement income.
Compared to 15 countries including USA and Japan, workers in the UK were the second most likely globally to cite employment-related reasons for saving for retirement, with 25% of workers saying that being automatically enrolled was the nudge they needed. The introduction of auto enrolment has been successful in ensuring millions in the UK are saving for their retirement. However, experts have concerns about the levels of participation in workplace pension plans when auto-enrolment contribution rates rise. It’s therefore very positive that on average, UK workers would support paying up to 7% of their annual salary into a pension every year, more than double the current auto-enrolment default rate (3%) and above the level coming into force in 2019 (5%). Younger workers would support an even higher contribution level, at 8% and nearly 1 in 6 of those in their 20s would be willing to pay between 11% and 15% of their salary towards pension saving.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 484 of 598
Made with FlippingBook - Online magazine maker