Staying O:pen to diversity and inclusion

In the face of all this uncertainty, I would like to encourage you to stay focused on D&I by explaining why it matters to pensions.

I would also like to tell you a little bit about O:pen, a cross-industry initiative that is seeking to make a contribution in this important area.

The benefits of D&I

D&I is the right thing to do and makes effective use of talent that might otherwise be overlooked

It is true that D&I is not completely straightforward. It has to be proactively fostered and maintained. 

And, unlike other hot topics such as pensions dashboards, climate change or guaranteed minimum pension equalisation, there is currently no set of clear legal rules to help us map the territory.   

However, D&I has significant potential benefits for all of us in pensions. These include:

• Better quality decisions. Good decision-making is absolutely fundamental to nearly all of what we do in pensions every day. A growing body of academic research shows that diverse groups make better decisions because they benefit from a greater range of perspectives and experiences. A full debate is outside the scope of this article, but for trustees and those advising them, a key point is that decisions taken following proper consideration are more likely to be legally resilient if challenged in the future. Where D&I contributes to that outcome, what is not to like?

• Reflecting and responding to needs. In the real world, savers, beneficiaries and professionals working in pensions are diverse. They have all sorts of backgrounds, identities, characteristics and intersectionalities. Diverse teams can help everyone in pensions better understand and respond to these diverse needs, serving our stakeholders better.

• Regulation and policy. Policy focus on D&I is increasing, and aligning with this helps demonstrate and embed good governance. For example, in its new equality, diversity and inclusion strategy, the Pensions Regulator has set itself a specific objective of promoting high standards of D&I within its regulated community. The Pensions and Lifetime Savings Association has also published a guide setting a standard for best practice.

• Talent. People give their best when they can be themselves in their role, and when they are genuinely seen and heard. A diverse and inclusive environment, from boards to advisory teams, is what allows this to happen. Put simply, D&I is the right thing to do and makes effective use of talent that might otherwise be overlooked.

Where does O:pen fit in?

O:pen exists to help support our industry’s journey from an LGBTQ+ D&I perspective. We are a cross-industry network open to LGBTQ+ professionals and their allies, wherever they work in the pensions sector.

Launched in January 2020, O:pen aims to be an inclusive space where people can meet, share experiences and career development ideas, and work for positive change, contributing to greater diversity, inclusiveness and intersectionality across the industry as a whole. 

On an individual level, we hope to help people succeed in their pension careers by being their full, authentic selves at work, and to show the value this brings to our industry. 

O:pen is a first for the pensions sector: before it was launched, there was no single space where LGBTQ+ identifying people and allies from across all the different strands of the industry could get together, network and support each other.

Since launching, we have held a varied programme of events, from panel discussions about LGBTQ+ experiences in the pensions industry, to topic-based career development webinars, social drinks and fundraisers.

There are lots of other opportunities to contribute to O:pen, too, and we are always delighted to hear from individuals and companies who are able and willing to support our work.

This can be as simple as sharing an idea for a future event or topic you think O:pen should look into, or as involved as helping organise or even host an event.

To become a member, get more information, or contact us please visit the O:pen website.

Andy Lewis is a partner at Travers Smith