The Pensions Regulator (TPR) has announced that executive director of regulatory policy, analysis and advice, David Fairs, will be leaving his position at the regulator in 2023 to pursue new challenges.

Fairs initially joined TPR in July 2018, and has since overseen the introduction of several major policy initiatives amid a time of significant change and challenge for the pensions industry.

In particular, TPR highlighted Fairs' joint efforts with the Financial Conduct Authority (FCA) and Department for Work and Pensions to define value for money (VfM) in defined contribution pensions, leading to a proposed new VfM framework due for consultation later this year.

TPR also highlighted Fairs’ role in overseeing the regulator's pool of professional advisers, including actuaries, lawyers, investment consultants and business analysists, as well as having been a “champion” for TPR’s work on climate change.

Fairs is expected to leave the regulator in mid-March 2023, with an interim executive director of regulatory policy, analysis and advice to be appointed.

Commenting on Fairs’ departure, TPR chief executive, Charles Counsell, stated: “David has been a highly valued member of our executive team and board for more than four years, during which time he has shown exceptional leadership internally and amongst our key stakeholders.

“He has played a pivotal role in implementing ground-breaking policies that are already helping to better protect savers and drive stronger retirement outcomes.

"His knowledge and experience will be sorely missed but we all wish him well as he moves on to new challenges, in which I am sure he will continue to make a real difference.”

Adding to this, Fairs commented: “I am very proud of the work that the team at TPR have driven forward in my four and a half years with the organisation.

"From the Pension Schemes Act to climate legislation, to publishing the Defined Benefit Funding Code consultation, I’ve had the opportunity to work with committed, passionate people who really care about the work they do to protect savers.

“A new year is a time for change, and is the right time for me to pursue new challenges. I wish the team at TPR all the best for the future – the work they do is so important and I know that they will continue with the drive and determination I’ve seen in my time with them.”

TPR previously announced that Counsell will also be stepping down from his role as CEO at the end of March 2023, recently naming FCA executive director of governance, Nausicaa Delfas as his successor.

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