The Pensions Regulator (TPR) CEO, Charles Counsell, has announced he will not be seeking a second term and will step down from his role at the regulator in 2023.

Counsell took up the post of CEO in April 2019 and will step down at the end of March 2023.

During his tenure as CEO, Counsell led a ‘fundamental reorientation’ of TPR by delivering the regulator’s new 15-year strategy and “embracing the shift from defined benefit to defined contribution saving”, according to TPR.

The regulator added that, under his leadership, TPR had made significant progress in the implementation of its new legislative powers under the Pension Schemes Act 2022.

It also said he had helped develop a clear plan with FCA to help drive better money for savers, and led the debate for stronger diversity and inclusion across the industry.

Counsell had previously spent six years at TPR as executive director for automatic enrolment and was responsible for the roll-out of the programme across the UK.

In his 10-year career at TPR, the automatic enrolment programme has led to more than 10 million workers newly saving into workplace pensions.

Charles Counsell commented: “My time as chief executive of TPR has been tremendously rewarding. In the face of rapid legislative change, and against a backdrop of the pandemic and challenging economic conditions, I am immensely proud of the work we have delivered. It has been a huge privilege to work with so many dedicated and passionate colleagues.

“Our new 15-year corporate strategy is well-embedded and has led to a fundamental shift in our focus to embrace the changing face of pension saving. From April 2023, there will be an excellent opportunity for a new chief executive to take the strategy into its next phase.

"I am confident TPR will ensure that the needs of savers, at all stages of their pension journeys, remain the driver of how we operate, underpinned by our priorities for value for money, security and scrutiny of decision making.

“In the meantime, I remain fully committed to my role. There is much to do in the next months, from consulting on our new DB code, working with trustees to prepare for dashboards and pushing on with our work to improve scheme governance and value for money in line with the gathering pace of consolidation.”

TPR chair, Sarah Smart, added: “I would like to thank Charles for the commitment and leadership he has shown as chief executive. He has played a pivotal role in reshaping TPR as an organisation which, at its heart, is now focused on ensuring savers have the best chance of realising the retirement outcomes they deserve.

“I look forward to another busy year working with Charles before he moves on. And while we are all disappointed he is leaving us, I know we are in the best shape possible to meet the challenges that lie ahead.”

Also commenting on the decision, Pensions Minister, Guy Opperman, said: “Charles has played a pivotal role in supporting and expanding pension saving in the UK over the last decade – both as TPR chief executive since 2019 and during his time as its executive director for automatic enrolment – with more Brits than ever now saving for retirement.

“I thank Charles for his dedicated service and look forward to continuing our strong collaboration for the remainder of his term.”

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