The Pensions Regulator (TPR) has today (Thursday) signalled how it plans to lead by example to create a fairer and more inclusive culture across the pensions industry and work with others to address inequality among savers.
The Equality, Diversity and Inclusion Strategy, which has been developed in discussion with organisations across the pensions industry, sets out how TPR will embed diversity and inclusion throughout its organisation and how it will support its regulated community to do the same.
The strategy sets out a roadmap to ensure equality, diversity and inclusion are at the heart of TPR’s work as a regulatory body. It sets new targets which will ensure TPR meets the aims of the strategy which are:
- to be a fair, diverse and inclusive employer
- to build a collective understanding of why pensions inequalities occur and work in partnership with others seeking to reduce them
- to promote higher standards of equality, diversity and inclusion among TPR’s regulated community
TPR’s Chair Sarah Smart said: “Now more than ever, organisations and employers are being called on to take a lead in bringing about a fairer and more inclusive society.
“Through our strategy, we are clear on our ambition for positive and lasting change across our own organisation, and the industry we regulate, to drive down inequality among savers.
“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. We know that this will improve the quality of decisions and it will mean that Trustee Boards better reflect the diversity among savers.”
TPR’s Chief Executive Charles Counsell said: “It is only right that all organisations examine the impact they have and ensure they are fair and inclusive in the way they operate and the way they look after the people that work for them.
“As the UK regulator of workplace pensions and as an employer, TPR has been on this journey for some time – but we know there is much more to do.
“We have been clear in our Corporate Strategy that we want all savers to get good value for their money, that decisions made on behalf of savers are scrutinised, and we are a bold and effective regulator. Improving diversity and inclusion is fundamental to these goals. When we say we will put the saver at the heart of what we do, that means all savers. No-one should be left behind.”
The objectives set out in the strategy detail how TPR’s workforce and practices will become more diverse and inclusive. It also sets out how the regulator will work with the industry so that scheme governing bodies become more diverse and inclusive in their decision making and that TPR will work with the industry, other agencies and central government to help tackle inequality among savers.
The Pensions Regulator is calling today for people from across the pensions industry, government and other regulators to sign up for its Equality, Diversity and Inclusion webinar (tprevernts.org.uk) next month to learn more about the strategy and discuss next steps.
Notes for Editors
TPR’s strategic objectives include:
- embedding equality, diversity and inclusion practices within its workforce and decision-making, with marked improvements (measured by KPIs) by 2025
- aligning its KPI standards with key national standards including achieving the National Equality Standard and will explore participation in other national equality, diversity and inclusion charters, such as the Business in the Community (BITC) Race at Work charter, Stonewall Workplace Champions, Business Disability Forum, Mindful Employer Charter
- continue to build on its work to be a fair, diverse and inclusive employer so that there are measurable changes by 2025. This will include publishing an action plan by 2022 setting out how TPR will reduce pay gaps for under-represented groups, increase the diversity of TPR’s workforce by 20% across under-represented groups by 2025 and increase black and ethnic minority and LGBT+ representation across TPR’s executive and senior leadership teams to at least 15% of our senior leadership team within the next two years
- contribute to the ongoing development of the evidence base for why pensions inequalities occur - working with other regulators, central government and the industry to achieve the best outcomes for all savers
- by the end of 2021, TPR will work with its regulated community including through the new Board Diversity Industry Working Group to have in place a plan for scheme governing bodies to become more diverse. The plan will include ways to share resources and best practice in the long term, for example by creating an online hub. This work builds on TPR’s Future of Trusteeship work.
The Pensions Regulator is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).
Press contacts
Out of hours
This is for journalists only with a media enquiry. The below number will divert to our on call media officer.pressoffice@tpr.gov.uk
01273 648496
