The annual accounts of the Pensions Regulator and The Pensions Ombudsman have revealed salary levels for top staff.
Outgoing TPR chief executive Lesley Titcomb’s salary was between £220,000 and £225,000 for 2017/18, with a bonus payment of between £15,000 and £20,000 on top of that. Both amounts were unchanged from 2016/17, and the chief executive’s bonus is capped at £17,500.
The next highest paid director was frontline regulation executive Nicola Parish, who received a base salary of £140,000 to £145,000, up from £95,000 to £100,000 the previous year. With pension benefits of £56,000 and a £10,000 to £15,000 bonus, Parish’s total remuneration packet was between £210,000 to £215,000.
Automatic enrolment director Charles Counsell, who took over as chief executive of the Money Advice Service last June, received £155,000-£166,000 in total in the year before he left.
TPR’s total wage bill for the year was £44.3m, up from £37.5m. It has taken on an extra 82 staff over the period.
After spending £3.7m less than budgeted in 2016/17, TPR called on its reserves for a £100,000 overspend this year.
Meanwhile, Pensions Ombudsman Anthony Arter received a salary of between £130,00-135,000, the same as in 2016/17. He did not receive a bonus or additional pension benefits in either year.
Business director Jane Carey also received total remuneration of £130,000 to £135,000, with £67,000 in pension benefits and a bonus of up to £5,000.