The Department for Work and Pensions (DWP) will shortly commence recruitment for a new Chair of The Pensions Regulator.
Michael O’Higgins, the regulator’s current Chair reaches the end of his term in December, but has agreed to stay on for a further 3 months to help with the transition. The search for Mr O’Higgins’ successor will start soon.
Minister for Pensions, Steve Webb said:
Michael has played a crucial role leading the regulator through a period of economic uncertainty and significant change for the pensions system. He has successfully overseen major initiatives including the launch of automatic enrolment, the preparatory work for the regulator’s new objective and the tackling of pensions liberation fraud. I wish Michael every success for the future.
Chair of The Pensions Regulator Michael O’Higgins said:
This is an incredibly important sector to the economy – one that faces some real challenges, but also a sector where it has been my pleasure to meet many dedicated and hard working people who want to change things for the better. In particular, I would like to thank the staff at the regulator for their support during the past three years. I have agreed to continue until early next year to allow DWP to get my successor in place.
Mr O’Higgins was appointed as Chair of the Pensions Regulator for a 3 year term from 1 January 2011 through to 31 December 2013.
The Chair of the Regulator is appointed by the Secretary of State for the Department for Work and Pensions.
Recruitment to the post of Chair of The Pensions Regulator is regulated by the Office of the Commissioner for Public Appointments.
The Pensions Regulator is the regulator of work-based pension schemes in the UK. It has objectives to:
- protect members’ benefits
- to reduce the risk of calls on the Pension Protection Fund (PPF)
- to promote and improve understanding of the good administration of work-based pension schemes
- to maximise employer compliance with automatic enrolment duties
The Pensions Regulator’s new objective will ensure an employer’s need for sustainable growth is considered during scheme funding negotiations and is properly reflected in trustees’ dealings with the employer.
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