The Pensions Regulator (TPR) has revealed that Sarah Smart has decided to step down as chair of the regulator in July 2025.

Smart was first appointed to the workplace pensions regulator’s board in 2016, first as senior independent director and latterly as chair of the board.

Commenting on her departure from TPR, 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.”

Pensions Minister, Torsten Bell, added: “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.”

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.

---