The Pensions Regulator (TPR) conducted its first trustee diversity and inclusion survey, revealing that most pension trustees in the UK are white men over 45.
Results of the survey published today, completed by 2,197 trustees, emphasised the importance of diverse and inclusive boards for effective decision-making and governance. While most trustees recognise this importance, only a minority of schemes have taken action to improve diversity.
While the survey highlights the lack of trustee diversity in terms of protected or visible characteristics such as ethnicity, most trustee boards were seen as diverse in terms of skills (82%), life experience (74%), professional background (73%), cognitive diversity (73%) and education (61%).
The survey found that professional and corporate trustees were more likely to have taken action in this regard.
Additionally, the role of the chair was identified as crucial in driving diversity and inclusion efforts within trustee boards.
The survey results underline the need for ongoing efforts to enhance diversity and inclusivity within pension scheme governance.