Pension trustee boards are still lacking in diversity, despite efforts to encourage younger employees and women to have a greater involvement in their pension provision.
The Issues Facing Trustees 2007 report by Hymans Robertson and Engaged Investor found that 82% of pension trustees in the UK are male, while and 60% are over the age of 50 years. Just one-in-10 (12%) of pension fund trustees are less than 40 years old.
Gail Paterson, partner, Hymans Robertson, said: “A proportion of the trustees are nominated by members themselves, so it is all the more striking that so few trustees represent the current make-up of the British workforce. The lack of young people currently occupying the role of pension trustee is particularly concerning, as they are particularly vulnerable to the effects of poor pension planning.”