The Pensions Regulator (TPR) is the UK regulator of work-based pension schemes, responsible for protecting the interests of pension scheme members. Because of automatic enrolment, more people than ever before are saving into workplace pensions and those savers have become an increasingly diverse group. Consequently, in recent years TPR has made a commitment to promoting equality, diversity and inclusion (EDI) within the workplace and pension schemes it regulates.
TPR believe that:
“A diverse pensions governing body made up of people who have a broad range of characteristics, backgrounds, life experiences, expertise, and skills will tend to lead to wider discussion and better decision making, which should result in long-term improvements to savers’ outcomes.”
To support this commitment, TPR has published an EDI guidance scheme for both governing bodies and employers that outlines its approach to EDI and provides practical advice to pension schemes on how they can promote EDI.
The scheme includes several key components:
TPR's commitment to EDI: TPR sets out its commitment to promoting EDI and explains why it is important for pension schemes to promote EDI.
Understanding EDI: The scheme explains the key concepts of EDI, including what it means and why it matters.
Practical guidance: The scheme provides practical guidance to pension schemes on how they can promote EDI, including tips on recruiting diverse talent, promoting an inclusive culture, and ensuring equal treatment for all members.
Monitoring and reporting: The scheme outlines how pension schemes can monitor and report on their progress in promoting EDI.
Training and development: The scheme recommends that pension schemes provide training and development opportunities for staff to promote understanding and awareness of EDI issues.
Louise Davey, TPR’s Director of Regulatory Policy, Analysis and Advice, said:
“All savers deserve to be in a well-run pension scheme that makes decisions in their best interests."
“Harnessing diverse views can help pension scheme governing bodies weigh issues in more detail and openly consider aspects important to those impacted by their decisions."
“This enables all those involved to better understand and mitigate scheme risks, avoid unintended consequences, and learn from what is working and what is not.”
