Marvin OnumonuSarah Smart, chair of The Pensions Regulator (TPR), is set to step down in July after being on the TPR board for close to a decade.
Smart joined the board back in 2016, initially as senior independent director and later as board chair.
The department for work and pensions (DWP) is now looking for someone to take her place.
Smart stated she was proud of what TPR had accomplished during her time.
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.”
Smart added: “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.”
She mentioned that changes in the pension landscape and her personal life meant it was the right moment to move on.
She said: “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 said: “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.”
