Sarah Smart has decided to step down as Chair of The Pensions Regulator (TPR) in July 2025.
Ms Smart has been on the workplace pensions regulator’s Board since 2016, first as Senior Independent Director and latterly as Chair of the Board.
Sarah Smart 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.
“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.”
Minister for Pensions, Torsten Bell said:
“I would like to thank Sarah for her nine years of committed service at The Pensions Regulator. 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.”
TPR’s move towards an outcome-focused regulator
During Ms Smart’s time at TPR the organisation made a number of radical outcome-focused interventions in the market including:
- Massively expanding pension participation – successfully implementing automatic enrolment which means that more than 8 in 10 workers are putting something away for their retirement.
- Made sure that schemes were well run and well governed – brought in an authorisation regime for master trusts – ensuring that the vast majority of savers, some 26 million memberships, are in schemes with the highest governance standards.
- Introduced clearer funding expectations – through the introduction of the DB Funding Code and helped the defined benefit market move towards a more secure funding position.
- Supported new market innovations – overseeing the introduction of superfunds and collective defined-contribution schemes to the market.
- Helped make sure TPR is a risk-based and outcome-focused regulator – expanding TPR's delivery approach to include systemic risk mitigation and ensured that the pursuit of good saver outcomes became the primary prioritisation tool.
The search for a successor will be led by the Department of Work and Pensions in accordance with the government’s public appointments guidance with an ordered transition over the next six months.
Notes to editors
- TPR is the regulator of work-based pension schemes in the UK. Its statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund (PPF)
- promote, and to improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)
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