The Pensions Regulator (TPR) has issued a call to action for all occupational pension scheme trustees to actively participate in an important initiative aimed at developing a more transparent trustee diversity environment.
To accommodate the wide range of trustees overseeing both defined contribution and defined benefit schemes, an anonymous online survey has been developed. This poll acts as a means of gathering important information about diversity and inclusion on the boards of these schemes.
Around 97,000 trustees and public service pension scheme board members will soon receive invitations to participate in an upcoming survey. Scheduled for later this month, the survey aims to explore various aspects related to trustee diversity and inclusion.
It will assess the representation of trustees with protected characteristics, their educational and socio-economic backgrounds, and work experience. Additionally, the survey will measure trustees’ perspectives on diversity and inclusion, track changes in sentiment over time, and examine the collection and utilisation of diversity data by schemes.
Furthermore, it will record actions taken to ensure diversity and inclusion among trustees, including the capture of information on benefits for savers. Lastly, the survey will gauge awareness of TPR’s equality, diversity, and inclusion (EDI) action plan. TPR plans to release the survey results before the end of 2023.
Only 17 per cent of schemes presently collect and record diversity information about their trustees, which is a little increase from the 14 per cent figure from the prior year. Analysis of the data reveals a preference for sex and age information, with race, disability, and education following closely behind.
TPR director of regulatory policy, analysis and advice Louise Davey says: “Diversity and inclusion is important to good governance and decision-making, and therefore in achieving good saver outcomes.
“This online survey will help us build a picture of trustees’ diversity so we can effectively measure our progress in promoting high standards of diversity and inclusion.”
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