TPR launches first trustee diversity survey
July 11th, 2023
The Pension Regulator (TPR) is calling on trustees to take part in its first diversity and inclusion survey, to build a clearer picture of the make up of UK boards.
The anonymous survey is open to all trustees of defined contribution (DC) and defined benefit (DB) schemes.
The survey has been launched in light of research by TPR that found fewer than one-in-five DC schemes (17%) formally obtained and recorded any diversity data in relation to their trustees. This was only a small increase on the figure in 2021 (14%). In most cases, this was because it was not felt relevant, due to the small size of the trustee board or scheme.
The data most likely to be recorded was sex and age followed by ethnicity, disability and education. Very few schemes recorded data on religion/belief, gender identity or sexual orientation.
The survey is the latest move to emphasise the importance of diversity, equality, and inclusion (DEI) within the UK pensions sector. In March, TPR issued guidance on DEI for pension scheme governing bodies and employers, and highlighted its importance in the decision-making process.
When a board of trustees more accurately reflects its membership, it ensures many more members’ viewpoints are represented at a high level.
The survey will seek to determine the proportion of trustees with protected characteristics, their academic and socio-economic backgrounds and work experience. It will also include questions about trustees’ views on diversity and inclusion in a measurable way, allowing for TPR to detect changes in sentiment over time.
In an effort to track how many schemes are gathering diversity and inclusion data about trustees, the survey will ask participants what is being recorded and its intended use. It will also record actions being taken to ensure diversity and inclusion among trustees in their work and whether information on benefits for savers is being captured.
It will also measure awareness of TPR’s equality, diversity and inclusion (EDI) action plan.
Emails containing a link to the online survey will be sent out later this month to around 97,000 trustees and pension scheme board members, with results expected to be published before the end of 2023.
Last Updated: 11 July 2023