The Pensions Regulator (TPR) has implemented a new equality, diversity and inclusion strategy for employers to create a fairer and more inclusive culture throughout the pensions industry.
The strategy, which was developed in discussion with pensions firms, focuses on how TPR will embed diversity and inclusion throughout its organisation, and how it will support its regulated community to do the same.
According to TPR, the strategy sets out a roadmap to ensure equality, diversity and inclusion are at the heart of its regulatory work. This will include being a fair, diverse and inclusive employer, understanding why pensions inequalities occur and working in partnership with others to seek to reduce them, and promoting higher standards of equality, diversity and inclusion across the industry.
This road map will help to encourage TPR’s workforce and its practices to become more diverse and inclusive. It also sets out how the regulator will work with the industry so that scheme governing bodies and employers become more diverse and inclusive in their decision making, while working with the industry, other agencies and central government to tackle inequality among pension savers.
TPR’s chair Sarah Smart explained that through the strategy, TPR is clear on its ambition for positive and lasting change across its own organisation and the industry it regulates to drive down inequality among pension savers.
She said: “The status quo is not acceptable and it is crucial we continue to challenge ourselves so that diversity and inclusion are not simply seen as desirable but that they are embedded across everything we do. We also look to the pensions industry to work with us and work together to bring real improvements in diversity in relation to decision making across the sector.”
Smart added that this will improve the quality of decisions and ensure trustee boards better reflect the diversity among savers.