Sarah Smart To Step Down As Chair Of The UK Pensions Regulator

Sarah Smart will step down as Chair of The Pensions Regulator (TPR) (UK) in July 2025 after serving on the Board since 2016.

During her tenure, TPR expanded pension participation through automatic enrolment, introduced governance regulations for master trusts, and established a defined benefit funding code. The regulator also oversaw the introduction of superfunds and collectively defined contribution schemes while incorporating systemic risk mitigation into its approach. The Department for Work and Pensions will lead the search for Smart’s successor, ensuring a structured transition. Smart expressed pride in TPR’s achievements and emphasised the need to drive value in the pension system. Pensions Minister Torsten Bell thanked her for her service during a period of significant change.