The new chief executive of The Pensions Regulator (TPR), Charles Counsell has set out how he will lead the organisation and vowed ‘robust protection’ for savers.
In his first speech since taking up the post in April, Mr Counsell outlined how he will deliver TPR’s goals and priorities.
 
Speaking at the Pension Benefits UK conference, Mr Counsell told delegates: “I’m here to deliver.

“Deliver the standards savers rightly expect and deliver robust protection for them.

“I want savers to have confidence their pensions are safe.”

 

TPR revealed it was currently going through “significant change in the way it regulates”.

By working proactively with more pension schemes through a new range of approaches, TPR is setting out its expectations, understanding the impact of any risks on savers and taking tough action where necessary, it says.
 
Mr Counsell added: “I am committed to delivering the change and concluding the transformation.”
 
He also talked about the importance of the individual saver, and how regulators, Government and the industry must work together to ensure they are protected.
 
“People are now, more than ever, being encouraged to engage, plan and understand their pension.

“This is a huge cultural change.

“And it’s why we at TPR must increase our focus on savers,” he said.
 
The new chief executive said pension saverswere “individuals who carry the risk – and who are largely neither engaged nor experienced at managing this risk”.
 
And he set out how TPR was working to ensure savers were treated fairly.

“They are people who need to be better supported and crucially better protected.

“It’s right that we hold to account those who put savers pensions at risk.

“We have used more of our powers, more often and been creative in using the law to protect savers,” he concluded.