The Pensions Management Institute (PMI) has partnered with Nelu Solutions, a global ED&I consultancy specialising in employee benefits, to provide equity, diversity, and inclusion (ED&I) certificate training for pension scheme trustees and administrators.
The PMI is set to offer Nelu’s certificate training in person from June 2023 following recent guidance from The Pension Regulator that it will start gathering trustee board diversity statistics by next year.
TPR plans to look into how board diversity and inclusion initiatives affect pension system governance. The fact that board diversity enhances decision-making is already supported by statistics, which has prompted regulators in many of the world’s top economies to support corporate board diversity initiatives.
Earlier this year, Nelu introduced its Certification Suite in the US and the UK. It provides organisational ED&I certifications for scheme sponsors and service providers as well as individual ED&I certifications in health and retirement benefits. Through strategic alliances and scheme sponsor adoption, the Nelu Certification Suite has already expanded in the U.S.
PMI chief executive Gareth Tancred says: “As an industry, we recognise we need to do more to encourage diversity and inclusion. We’re launching this new certificate training to help the trustees and scheme administrators respond to this need. Boards whose trustees have different backgrounds and experiences are more likely to encourage debate and make better decisions. It has never been more important for the pensions industry to share ideas and good practices to encourage people from outside typical demographics to get involved with pension fund trusteeship.”
PMI director of commerce and engagement Varsha Gicas says: “Regulators, scheme sponsors, and members increasingly expect trustee boards to consider diversity, equity, and inclusion as part of scheme administration. A lack of diversity and inclusion could mean a scheme misses out on potential opportunities or can’t effectively mitigate risks. We’re delighted to partner with Nelu to offer its ED&I certificate training to UK pensions professionals.”
Nelu CEO Uche Enemchukwu says: “We wanted to develop an ED&I certificate specifically for pension trustees and those looking to advance their ED&I and ESG strategic objectives through their pension schemes. This training addresses everything from setting board diversity goals, creating inclusive environments for effective dialogue and decision-making, understanding and engaging with all scheme members in the age of auto-enrolment, and implementing ED&I goals as part and parcel of ESG strategic objectives.”
