Sarah Smart, chair of The Pensions Regulator, is to step down in July after nearly 10 years on the TPR board.

She joined the board of the workplace pensions regulator in 2016, first as senior independent director and more recently as board chair.

The DWP is now searching for a successor.

Ms Smart said she was proud of what the TPR had achieved during her tenure.

She 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.

“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 said that changes in the pension landscape and her personal circumstances meant now was the right time to move on.

She added: “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.”

During Ms Smart’s time at the TPR the organisation has moved towards being a “risk-based, outcome-focused regulator,” the TPR said. The TPR has helped to “massively” increase pension participation through auto-enrolment which now means 8 in 10 workers are saving for retirement.

Other changes include a new authorisation regime for master trusts, clearer funding expectations through the introduction of the DB Funding Code and the introduction of superfunds and collective defined-contribution schemes to the market.