The pension industry works to ensure the future income of over 22 million savers[AB1], and currently looks after over £6.1tn in private pensions[AB2], so an industry that represents members more fairly, does more to help everyone reach better outcomes in retirement.

Historically we’ve seen quite a homogenous group leading the way, making decisions that affect everyone. A guide by the PLSA in 2020 on D&I Made Simple, noted that heterogenous groups versus homogenous groups have shown that diverse groups are better at:

• paying attention to the key facts and assessing relevant evidence
• reasoning
• reaching the ‘best conclusion
• explaining their decisions

There are also many studies that show strong evidence between diversity and profitability.

We recently asked our members how they felt working in pensions, and this is what they told us.

• Approximately 30% of respondents said they did not feel represented by the pensions industry; and
•  Approximately 40% said they only felt somewhat represented.

I haven’t met many women like me in the pensions industry at any level.

It’s a long way behind the rest of the world, and it will suffer.

As a female millennial, I feel grossly underrepresented. I’m operational and have time and time again been denied operational roles for the same position to be given to an older, less qualified, less experienced, male.

More information can be found in our report, Recruiting for a Cognitively Diverse Workforce. [LINK]

By embracing cognitive diversity and hiring people who think differently and challenge the status quo, you’re improving the diversity of your workforce and improving outcomes and giving opportunities to more people. You’re looking for different thinkers, problem solvers, new ideas and mental perspectives.

Diversity of thought influences how people collaborate and improves the ability to innovate and become more effective.

Physical characteristics cannot predict cognitive diversity, however different ways of thinking are seen across gender, ethnicity, age, sexual orientation, cultural background, lived experience and much more.

We believe in a better pension system for everyone. Better for those working within it and for those it’s designed to support.

The industry is hearing our voice. We’re already making progress in influencing those working within the industry to think differently about their recruitment.

We work with industry bodies and event organisers to make sure they feature new and diverse voices year after year, and cover subjects that matter to audiences that otherwise get locked out.

We continue to lead the way and have led discussions on areas such as the age profile of trustee boards and intergenerational fairness in scheme structure. We challenge the current way of thinking and drive the industry forward.

In this ever-changing and complex industry, we’re always moving the needle.

If you’d like to join and be part of the conversation, find out how you can get involved.