View more on these topics

Pensions Regulator chief pockets £220k pay packet

During 2016/17 TPR issued fixed penalty notices and escalating penalty notices totalling £12.6m

Lesley Titcombe

The Pensions Regulator chief executive Lesley Titcomb’s total pay package for last year was between £220,000 and £225,000, its annual report today reveals.

Titcomb’s pay package for the year ending 31 March 2017 was broken down into a salary of between £205,000 to £210,000 and a bonus of £15,000 to £20,000.

Titcomb’s salary did not change from 2015/16. She did not receive a bonus last year.

During the 2016/17 year TPR issued fixed penalty notices and escalating penalty notices totaling £12.6m, of which £2.1m has been collected.

During the year it refunded 188 penalties, totalling £78,000.

Actual expenditure over the year came in under budget. This was mainly as a result of lower spend on change and IT projects.

TPR did also not need to draw on reserves set aside primarily to mitigate against low employer compliance over auto-enrolment.

TPR’s expenditure in 2016/17 was £3.7m lower than its budget agreed with the Department for Work and Pensions. Over the year expenditure was £74.8m against a budget of £78.5m.

Data loss

The annual report also gives details of a “serious incident” that resulted in a data loss when a set of board papers were lost by an attendee of the board.

The report says: “While the papers were not recovered, there have been no adverse consequences. We are currently in the process of implementing secure electronic access to board and committee papers to minimise future information security risks.”

Last year TPR pursued a number of defined benefit scheme avoidance cases, including BHS, where it secured a £363m cash settlement.

It also negotiated a £225m settlement in a case involving the Coats Group.

Titcomb says: “This past year has been a challenging one, not least due to the rapidly changing environment in which we operate, but we have shown resilience and an ability to adapt and evolve to protect workplace pensions.”

She adds: “We will continue to evolve how we work to deliver new sustainable approaches to regulation across DB, DC, public service schemes and in our automatic enrolment responsibilities. We will set clearer expectations of those we regulate and explain the consequences of not meeting these expectations.”


Andrew Warwick-Thompson, TPR

TPR director leaves for government pensions scheme

EU and regulatory policy chief heads to local Government pension scheme The Pensions Regulator regulatory policy director Andrew Warwick-Thompson is leaving TPR to take up a role at the head of a new Government pension scheme. He will become chief executive of LGPS Central, a scheme to manage the assets of nine Midlands-based local Government […]


TPR reaches £255m settlement to safeguard DB scheme

The Pensions Regulator has reached a £255m settlement with industrial thread manufacturer Coats Group to protect two of the company’s defined benefit schemes. TPR first warned Coats in 2013 and 2014 it was considering making an order for the company to financially support three DB schemes sponsored by firms within the Coats corporate group. Coats […]

The curse of long-term cash

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, reveals why clients should be seriously concerned when short-term holdings of cash turn into a long-term investment. There is nothing wrong with holding wealth in the form of cash on a short-term basis. For many people capital stability is important and access to ready cash […]


News and expert analysis straight to your inbox

Sign up


There are 2 comments at the moment, we would love to hear your opinion too.

  1. This is a very small amount to pay someone who is doing such a good job.

  2. Robert Milligan 10th July 2017 at 7:09 pm

    As my old friend used to say “You Can Not be Serious” the ball was in, in this case the ball was dropped years ago, protecting pensions indeed

Leave a comment