The Pensions Regulator has been “learning lessons” over mistakes made in recent high profile cases such as BHS and Carillion, its chief executive Lesley Titcomb has said.

Speaking at the Pensions and Lifetime Savings Association Local Authority conference today, 23 May 2018, Titcomb admitted that it hasn’t always got the right balance on member and employer interests, and she outlined the regulator's plan to use its powers more effectively.

The regulator has been under fire recently for its handling of the pension scheme after the collapse of construction firm Carillion and a report released last week by the joint Work and Pensions and Business, Energy and Industrial Strategy committees questioned TPR’s leadership.

Titcomb said: “We are learning the lessons from some of the high profile cases in pensions such as BHS and Carillion. These relate to occupational defined benefit schemes and I think we have to accept that in some of its work in the past, TPR hasn’t always got the balance right between the interest of members and employers.”

“The changes that we are making through the TPR futures programme cut across all of our regulatory activities … we are using a wider range of regulatory tools and techniques, we are increasing the number of schemes with which we have direct contact as a regulator and we are intervening early when we have an issue.”

Titcomb highlighted the work the regulator has been doing with trustees over the recent takeover of GKN by Melrose, which included meeting with senior management on both sides to “make clear our expectations”.

“Five years ago we would have left it much more to the trustees”, she added.

Furthermore, she highlighted how the regulator will be shifting from its “case study” approach to a “thematic” approach, picking up issues from across defined benefit pensions and taking to a number of schemes about them, rather than on a case by case basis.

Titcomb, who addressing delegates on the regulator's newly appointed role looking after pooled Local Government Pensions Schemes, added that it has beefed up its frontline regulatory teams in addition to other staff taken on to reflect its increased remit over public sector pension schemes and master trusts.

TPR is currently working closely with the government to implement stronger powers and some of the changes outlined in the government’s defined benefit white paper.

Addressing attendees she said: “I think our guiding hand and importantly, your positive attitude has created improvements that will bring benefits for many people.

“We want to be a “critical friend, not a wagging finger”.

Calls have been growing amongst MPs for TPR to be better resourced and yesterday the joint committee expressed their disappointment int the regulators key performance indicator (KPI) targets for the regulation of defined benefit schemes, published in it corporate plan last month.

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