The Pensions and Lifetime Savings Association supports the Diversity Project, because we recognise that joining up initiatives can be hugely powerful. Our aims align with those of the Diversity Project as we seek ways to help people achieve better incomes in retirement.
What are we doing and why are we doing it?
Diversity on boards has been a major theme of government policy for several years. Evidence suggests diverse boards make for more effective boards and better performing companies. Lack of diversity can embed cognitive and cultural biases that narrow our outlook and damage performance. The pensions industry is a particularly poor performer when it comes to diversity. Looking at gender alone, the make-up of governance boards is 83% male. This is why we have launched a campaign, Breaking the mirror image, in 2017 to encourage wider participation on trustee boards and in pension governance generally.
What do we want?
We want to raise awareness amongst those in the pensions industry that it is better for all of us if we break the culture of the ‘mirror image’. Ultimately, we want to see real change, and we want a wider group of people running pension schemes.