Once taunted by some in the industry as a “toothless tiger”, the Pensions Regulator has since proved it is prepared to bare its fangs. Several high-profile decisions – such as forcing the Lehman Brothers estate to make additional contributions to its underfunded retirement scheme and the prosecution of a crooked firm of independent trustees – have shown the regulator is not afraid to use the powers it was granted under the Pensions Act 2004.

The new top brass taking over this month will have to demonstrate that they can show the judgment - required of all good regulators - to find the right balance between bark and bite. Michael O'Higgins and Bill Galvin are taking the reins of the Pensions Regulator as the permanent chairman and chief executive, replacing David Norgrove and Toby Hobman.