Chief executive of The Pensions Regulator (TPR), Lesley Titcomb, will leave her role at the end of February in 2019, after facing criticism over the handling of Carillion’s pension scheme following the outsourcing company’s collapse
Titcomb’s departure comes weeks after a report by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees investigating the liquidation of Carillion slated the regulator’s ‘feeble response’ to the company’s underfunding of its pension scheme.
The scheme, which has a deficit of £2.6bn, has since been taken over by the Pension Protection Fund.
Titcomb said: ‘This has been a difficult personal decision taken after extensive discussion with family and the Chairman. I love working at TPR and am immensely proud of what we are achieving. But as I turn 57 next month, the end of my contract in February 2019 feels like the appropriate moment to find more time in my life for family, friends, other interests and opportunities.
‘However, in the nine months before my departure we have a lot more to do. I will be here leading that work with my strong, committed TPR team.’
Titcomb has been chief executive since March 2015 and was previously chief operating officer and board memeber of the Financial Conduct Authority (FCA). She qualified as a chartered accountant with EY and worked there from 1984-1994.
The search for a successor will begin immediately. The appointment will be subject to the approval of the Secretary of State for Work and Pensions.
Report by Amy Austin
