There is robust and extensive evidence showing that teams which are more diverse and inclusive make better decisions and achieve better financial outcomes.
This guide introduces some of the concepts and good practice associated with diversity and inclusion (D&I), including:
- What D&I means;
- A summary of the benefits of D&I; and
- Some practical steps for trustee boards to help promote greater inclusivity.
It is aimed primarily at trustees of occupational pension schemes, but many of the principles discussed will be of interest and use to a wider audience, in particular sponsoring employers, trustees of contract-based schemes, advisers and consultants.
There is no ‘one-size-fits-all’ solution to diversity issues, but this guide intends to prompt discussion about how best to achieve greater D&I and the advantages of doing so for all pension scheme stakeholders. The examples contained within the guide are for illustrative purposes only.
Armed with a greater understanding of these issues, pension schemes should be encouraged, and better equipped, to deliver D&I objectives. D&I issues are constantly evolving to reflect changes in our society and trustee boards are encouraged to regularly review and refresh their approach to D&I to ensure they remain up to speed with best practice.
Although some pension scheme stakeholders have made great strides in recent years, diversity and inclusion are areas which may be relatively new and unfamiliar to readers. This guide considers many of the issues surrounding D&I, including the tendency for pension scheme trustee boards to struggle to achieve diversity of gender and age.