News & Updates
The Pensions Regulator of the U.K. launches guidance to help improve pension schemes' equality, diversity and inclusion
April 25, 2023
The Pensions Regulator (TPR) of the U.K. has released new guidance on improving a pension plan’s equality, diversity, and inclusion (EDI).
TPR's Director of Regulatory Policy, Analysis and Advice, Louise Davey says by considering a range of diverse perspectives, pension plans can make more informed choices to “mitigate scheme risks, avoid unintended consequences, and learn from what is working and what is not.”
Some of the recommendations the TPR has made are as follows:
- Having the chair play a key role can help increase diversity and inclusion on the board
- Enhancing board diversity to cast a wider net of candidates with different life experiences, perspectives, and skills
- Creating inclusive communications that are checked for bias and are accessible to people with disabilities
- EDI policy and performance assets should clearly outline the definition of equality, diversity, and inclusion, as well as how it will achieve EDI goals
- Governing bodies may want to consider fixed-term appointments, perhaps around three to five years, for trustee positions to bring in new personalities, dynamics and perspectives to the group’s decision-making
- Reasonable adjustments should be offered to accommodate the needs of people, especially those with disabilities.
Click on more information below to read more about TPR’s recommendations:
