Each year, I have a profound respect and admiration for colleagues and friends who have fasted during Ramadan. It is a very public demonstration of their faith, which clearly also has tremendous personal significance. I was particularly struck this year how LinkedIn was full of supportive comments and suggestions how employers might support those fasting.
Are there steps that employers – and trustees – can take to support Muslim employees and members from a pensions perspective? Indeed, is there a positive obligation to do so?
As a non-Muslim I am not expert in Sharia law, but as a pensions professional I am conscious that Islam places obligations on followers that extend to financial matters including their pensions. As a lawyer, I counsel my clients against the risk of unlawful discrimination – and religion is one of the “protected characteristics” that can give rise to discrimination claims.
Trustees are facing increased scrutiny and obligations on investment matters, whether from TCFD reporting requirements, cost and value for money disclosures or even complaints from members about how the scheme’s assets are invested. Must trustees also take members’ religious views into account? Could employers face a discrimination claim if the pension arrangement offered to staff is not Sharia compliant, so that Muslim employees feel compelled to opt out?
The position for DC arrangements seems more straightforward. As members have a positive choice about how...
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