Charles Counsell will not seek a second term as chief executive of The Pensions Regulator, and will step down from the role in March next year.
Counsell has worked for the regulator for 10 years. He became CEO of the regulator in April 2019, and prior to this spent six years as executive director for automatic enrolment, overseeing the roll-out of AE pensions across the UK workforce.
The search for a new CEO will led by TPR’s Chair, Sarah Smart, with the appointment subject to the approval of the Secretary of State for Work and Pensions.
As CEO Counsell has put in place the regulator’s new 15-year strategy which sees it reorientate itself from DB to DC saving.He has also overseen the authorisation of master trusts and subsequent consolidation in this sector, and led regulator’s response to the Covid-19 pandemic.
TPR says that Counsell has also helped the regulator develop clear plans with FCA to help drive better value for money for savers, led the debate for stronger diversity and inclusion across the industry, and has brought a number of high-profile prosecutions and enforcement cases while maintaining the fight against pension scams. More recently he has also made progress in the implementation of TPR’s new legislative powers under the Pension Schemes Act (2022).
Counsell said: “My time as chief executive of The Pensions Regulator has been tremendously rewarding. In the face of rapid legislative change, and against a backdrop of the pandemic and challenging economic conditions, I am immensely proud of the work we have delivered.
“Our new 15-year corporate strategy is well-embedded and has led to a fundamental shift in our focus to embrace the changing face of pension saving. From April 2023, there will be an excellent opportunity for a new chief executive to take the strategy into its next phase.
“In the meantime, I remain fully committed to my role. There is much to do in the next months, from consulting on our new DB code, working with trustees to prepare for dashboards and pushing on with our work to improve scheme governance and value for money in line with the gathering pace of consolidation.”
Chair of TPR, Sarah Smart, said: “[Counsell] has played a pivotal role in reshaping TPR as an organisation which, at its heart, is now focused on ensuring savers have the best chance of realising the retirement outcomes they deserve.”