The Pensions Regulator (TPR) has published its diversity pay gap report providing data and analysis on its gender, disability, ethnicity and sexual orientation pay gaps.
Public sector employers must publish their gender pay gap data by 30 March. However, demonstrating its commitment to promoting transparency and driving meaningful change beyond compliance, TPR has voluntarily published additional pay gap data for ethnicity, disability and sexual orientation.
Andrew Baigent, TPR's Chief Operating Officer, said: "As an employer, we want all our people to be valued in an environment where they can give their best.
"As a regulator, our aim is to make workplace pensions work for all savers. We want our commitment to high standards of equality, diversity and inclusion to inspire employers and trustees to think about what they can do.
"This means having the right mix of skills and diversity of thought at trustee boards. To support this, we have published EDI guidance for both pension scheme governing bodies and employers."
The report shows TPR's mean and median gender pay gaps are below 10% and continue to compare favourably with the wider civil service. However, TPR said it recognised it had work to do to reach its ambitious gender pay gap target of 2%.
TPR has developed an action plan to address all its pay gaps, with specific attention to its ethnicity and sexual orientation pay gaps, which continue to be above 10%.
As the report is based on data as of 31 March 2024, TPR added it expects changes in senior leadership and other actions undertaken after this date to have an impact on its gaps, although this will only be seen in future reports.
Notes for editors
- TPR's mean gender pay gap is 3.9% compared with 7.4% for the wider civil service and its median pay gap is 8.4% compared with the civil service's 8.5%.
- In March 2024, TPR's ground-breaking research confirmed pension trustees are less diverse than the overall population. Results of its first trustee diversity and inclusion survey showed the 'typical trustee' is a white man who is over 45.
- In March 2023, TPR published guidance for governing bodies and employers, to help them improve the equality, diversity and inclusion of the governing body of their pension scheme.
- TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are to:
- protect members' benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- 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)
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