Introduction & Contents

Introduction

On 23 March 2023, The Pensions Regulator (TPR) published diversity, equity and inclusion (DE&I) guidance for pension scheme governing bodies and employers.

Louise Davey, TPR’s Director of Regulatory Policy, Analysis & Advice, said: “…Harnessing diverse views can help pension scheme governing bodies weigh issues in more detail and openly consider aspects important to those impacted by their decisions…”

“Employers also have an important role in ensuring EDI is considered by their scheme…That’s why we’ve [also] provided specific guidance for scheme employers."

Both guides include practical tools on recruitment, including: ‘ways to attract more diverse candidates’ and ‘first steps when considering trustee recruitment’.

PLSA: Diversity & Inclusion – Made Simple Guide

Research compiled by the Pensions and Lifetime Savings Association (PLSA) in its Diversity & Inclusion – Made Simple Guide, dated March 2020 (the “2020 Guide”), showed:

83% of scheme trustees are male
2.5% of scheme trustees are under 30 and 7% are over 70
5% of trustee boards have more than 50% female trustees
25% of schemes have all-male trustee boards
50% of chairs of trustee boards are over 60 years old
One-third of scheme trustees are over 60

Our research examined the diversity of accredited professional pension trustees across the largest professional trustee firms in the UK. This report shows our findings.

Executive Summary

9 Protected Characteristics

TPR vs Trustee Firms

The BWD DE&I Index

Professional Background

7 Steps to Inclusive Recruitment: Do’s & Don’ts

Acknowledgements