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Pensions Regulator spent £800,000 on consultants

The Pensions Regulator spent £852,850 on external consultancy in 2009/10, a Freedom of Information request by Money Marketing has revealed.

Hobman
Hobman: £178k pay package

Deloitte & Touche earned the vast majority of these consultancy fees – £579,800 – which were paid out between April 1, 2009 and March 31, 2010, but the regulator refused to divulge what this consultancy work was for. Nearly £43,000 was paid to Read Business Consulting while £33,500 went to Kim Gubler Consulting and £28,074 was paid to Blue Resourcing.

TPR’s budget for 2009/2010 was £28.2m.

Outgoing chief executive Tony Hobman earned a total of £178,923 in 2009/10. Chairman David Norgrove, who works three days a week for the regulator, earned £110,405 pro rata. He is likely to receive an increase in salary at a pay review this month.

Hobman is leaving the regulator on May 14 after five years to become chief executive of the newly created Consumer Financial Education Body responsible for rolling-out money guidance. TPR has not yet recruited a successor.

TPR directors’ salaries are considerably less than those paid to FSA chiefs.

The 2009/10 figures for the FSA are not yet available but for 2008/09 chairman Adair Turner earned £219,200 plus benefits of £27,346 while outgoing chief executive Hector Sants earned £478,000 plus benefits worth £145,170.

TPR was set up in April 2005 to take over from the Occupational Pensions Regulatory Authority. It is funded by grant-in-aid from the Department for Work and Pensions with running costs recovered through a general levy on pension schemes.

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