The UK Pension Regulator (TPR) has set out plans to drive diversity among the trustee boards of regulated pension schemes, describing the status quo as “not acceptable”.
In its equality, diversity and inclusion strategy, released today, the Pension Regulator said that it would “embed diversity and inclusion within our people, regulatory and operational practices by 2025”.
The strategy raised concerns over the lack of diversity among pension scheme trustees, citing research from the Pensions and Lifetime Savings Association which found 80% of trustees were men. It said that more diverse boards led to “robust decision making” and that increasing trustee diversity would allow for “wider discussion” of issues.
By the end of the year, the regulator will have produced a strategy setting out diversity and inclusion targets for senior management at pension schemes.
As well as driving employment diversity at funds, the regulator will seek to under…