Sarah Smart will step down as the chair of The Pensions Regulator (TPR) in July this year.
Smart has been on the board of the regulator since 2016, initially as a senior independent director and more recently as chair.
Announcing her decision to step down, she highlighted the progress TPR has made over the past decade in driving up standards across the workplace pensions sector.
She said: “Millions of people rely on a workplace pension to support them in later life and I’m so proud of what we have achieved in my time on TPR’s Board over the last nine years.
“The challenge of the last decade was getting people saving, the challenge of the next is to make sure that the system really works for savers.”
She added: “To make that a reality TPR is fundamentally changing to become a regulator that doesn’t just protect savers money, but also drives value in the system and supports innovation in the market. Now with the ongoing government pension reforms there is a unique opportunity to make pensions work for everyone.
“During my nine years on TPR’s board a huge amount has changed in the pensions landscape and, recently, also in my personal circumstances. I now feel it is the right time for me to step away from TPR to concentrate on my personal situation.
“ But I know that, with the strong leadership in place at TPR and hardworking and talented colleagues at all levels, we can help make the changes needed to ensure the next generation of savers have opportunity and empowerment in retirement.”
The Minister for Pensions, Torsten Bell thanked Smart for her service at TPR. “Her public service, at a time of significant change in the pensions landscape has been hugely valued. I wish her all the best for the future,” he added.
