In March 2023 the TPR issued guidance to help improve pension schemes’ equality, diversity and inclusion.
The guidance focussed on; The role of the chair, EDI policy and performance assessments, enhancing board diversity, fixed-term appointments, reasonable adjustments and inclusive communications.
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.
“Employers also have an important role in ensuring EDI is considered by their scheme and they have a duty to support employees who are nominated to their scheme’s governing body. That’s why we’ve provided specific guidance for scheme employers.
“While we recognise different scheme types, sizes and sectors may face different challenges. We believe there are some quick and easy steps that can and should be taken to improve schemes’ EDI now.” The guidance is detailed, and clearly for smaller schemes with a lay trustee board, training may be needed. The guidance need not be overwhelming, small steps in the right direction are a positive step to longer term; not only achieving a policy – but a policy in action.
