Sarah Smart appointed permanent chair at the Pensions Regulator

Smart, who has been serving as interim chair since April 1, will take over as permanent chair in June, the DWP announced on Friday.

She won the endorsement of the Work and Pensions Committee despite initial concerns, reported by Pensions Expert, about the potential for conflicts of interest arising from her private sector roles, and her husband’s position as chief executive of the British Airways Pension Scheme.

Smart convinced the committee she could manage that risk, while her husband, Fraser Smart, has entered into discussions with his employer about stepping down from his role.

Sarah Smart will terminate many of her existing private sector responsibilities, though remain as co-founder of SmartCats, a company producing an investment monitoring tool, while Fraser Smart has pledged not to take any similarly high-profile roles during his wife’s tenure as TPR chair.

Pensions minister Guy Opperman, whom the committee was surprised had not arranged a meeting with Smart prior to her pre-appointment hearing, welcomed her appointment.

“The chair is a vital part of TPR, providing effective oversight of this high-profile organisation and engaging and building positive relationships with senior stakeholders,” he said.

TPR chief executive Charles Counsell was likewise pleased with Smart’s appointment, noting that “her experience will be extremely valuable as we strengthen our regulatory grip on an ever-changing pensions landscape, and meet the challenges ahead by delivering on our corporate strategy”.

“I look forward to working with Sarah and our board to ensure that TPR continues to be clear, quick and tough, using its resources in the most efficient way to bring the maximum benefit for savers, and to hold to account those who threaten the retirement security for millions in workplace pensions,” he said.

Smart told the Work and Pensions Committee her priorities would be expanding the regulator’s remit to cover collective defined contribution schemes, dashboard and superfunds while making the best use possible of limited resources.

Speaking after her confirmation she said she intended to use her “extensive experience in the pensions sector to ensure TPR’s resources are used effectively to protect savers, drive up standards of governance and administration, and embrace change”.

“My role will be to oversee the strategic delivery of that work, supporting the CEO and TPR’s many talented and committed staff, but also challenging where necessary so we remain a successful, flexible, resilient and diverse regulator,” she said.