The head of the Money Advice Service has been appointed as the new chief executive of The Pensions Regulator (TPR).
Charles Counsell formerly served as the executive director of automatic enrolment at TPR. He will be taking the place of Lesley Titcomb, the outgoing chief executive, in April.
Counsell stated: “The work that TPR does is ever more important in a world where millions of people are saving into workplace pensions.”
He added: “The pensions landscape is changing. With more people saving into defined contribution than defined benefit pensions, individual savers rather than employers are bearing most of the risk.”
He continued: “That makes the job of TPR even more important as it ensures that members are protected and those responsible for running schemes are both supported and held accountable. It is such an exciting time to join TPR and I relish the challenge and opportunity to work with a great team to make a real difference for savers.
Earlier this year, the TPR came under fire from the work and pensions committee after the collapse of Carillion, a construction giant, last January.
In a report that was published after a parliamentary probe into the failure of the company, the committee criticised the “feeble” response of the regulator to the underfunding of the pension scheme and said that the “current leadership” was not “equipped to effect change.”
Mark Boyle, the chairman of the TPR, stated: “Lesley Titcomb has done a superb job over the last four years in driving the transformation of TPR.”
He added: “We are now a very different organisation and I want to thank her for all that she has achieved.”
He continued: “Charles takes over a much-strengthened position from which to continue this transformation so that TPR is better able to fulfil its statutory objectives and meet the challenges that the pensions sector will face in the future.”