The Pensions Regulator (TPR) announced that Sarah Smart has decided to step down as Chair in July 2025, with the Department for Work and Pensions set to lead the process to appoint her successor and manage an ordered handover. Ms Smart has served on TPR’s Board since 2016, first as Senior Independent Director and later as Chair. The release points to TPR’s shift toward a more outcome-focused approach, including implementing automatic enrolment (with more than 8 in 10 workers saving for retirement), introducing an authorisation regime for master trusts (covering around 26 million memberships), setting clearer funding expectations through the defined benefit (DB) Funding Code, and overseeing the introduction of superfunds and collective defined-contribution schemes. The Department for Work and Pensions will run the successor search in line with public appointments guidance, with transition arrangements planned over the next six months.
The Pensions Regulator 2025-02-13
UK's The Pensions Regulator announces chair Sarah Smart will step down in July 2025
The Pensions Regulator announced that Sarah Smart will step down as Chair in July 2025, with the Department for Work and Pensions overseeing the appointment of her successor. Under Smart's leadership, TPR has focused on outcomes, implementing automatic enrolment, authorising master trusts, and setting clearer funding expectations through the defined benefit Funding Code. Transition arrangements will be managed over the next six months.