The Pensions Regulator (TPR) has unveiled its new strategy to improve inclusion and equality.
Building better equality and diversity is something most employers will strive to achieve no matter what, and now The Pensions Regulator (TPR) has set out its plans to lead by example.
As part of its equality, diversity and inclusion strategy, which has been developed in discussion with organisations across the pensions industry, TPR has shared details on how it will incorporate diversity and inclusion (D&I) throughout the business, and how it will support its regulated community to do the same.
The strategy sets new targets which includes: to be a far, diverse and inclusive employer, to build a collective understanding of why pensions inequalities occur, and finally to promote higher standards of equality and inclusion.
Sarah Smart, chair of TPR, noted that now more than ever employers are being called on to take a lead when it comes to building a “fairer and more inclusive society”.
She added: “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.”
Within the new strategy, the objectives detail how TPR’s workforce and practices will become more diverse and inclusive.
Plus, it details 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 tackle inequality among savers.
Charles Counsell, chief executive at TPR, continued: “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.
“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.”