TPR welcomes pensions gap guide for employers
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The Pensions Regulator has welcomed a guide to help employers with the gender pension gap, published by the Pensions Equity Group on Tuesday.
The group has published ‘Mind the Gap: Reducing the gender pension gap’, offering tips on how employers can identify and reduce the gender pensions gap in their organisation, from contributing more than the legal minimum of 3%, to awareness campaigns among employees.
Louise Davey, interim director of regulatory policy, analysis and advice, said: “Employers have a key role in ensuring EDI is considered by their scheme and a duty to support employees nominated to their scheme’s governing body. We’ve published specific guidance for scheme employers to help them do this."
The Pensions Regulator is trying to increase equality, diversity and inclusion among pension professionals and internally. In spring last year, it published guidance for governing bodies and employers to improve EDI on pension scheme boards, and earlier this year found that pension trustees are less diverse than the general population.
Last year, the government published figures on the gender pensions gap for the first time, which was at 35%. The size of the gender pensions gap varies by age band. Similar to the pay gap, it was 10% for those aged 35-39, rising to 47% for those aged 45-49, and decreasing somewhat in the later years of people’s working lives.
