The pensions industry is holding firm on diversity, equity and inclusion (DEI) while many other sectors scale back, according to a new publication featuring voices from across the profession and civil society.
The Inclusive Futures paper, released by the Society of Pension Professionals, brings together 12 articles exploring the barriers faced by underrepresented groups and the steps the industry is taking to address them. The collection covers social mobility, neurodiversity, disability, gender, ethnicity and LGBTQ+ identity.
While references to DEI have declined sharply across FTSE 100 companies in the past year, the paper said there was little sign of the same trend within pensions. The foreword noted that The Pensions Regulator’s 2023 DEI guidance was being acted upon “with impressive results already”, and that 73 percent of Society members surveyed viewed DEI as a top or high-level policy priority.
Lived experience in the sector
Several contributors to the paper reflected on their own experiences of inclusion — and exclusion — in the workplace. Charlotte Feld, a lawyer living with multiple long-term conditions, said ongoing support had been critical to keeping her in the profession. “Without these [adjustments], I could have lost my career,” she wrote.
Niraj Shah, an investment analyst who is autistic, said clear written instructions, flexible communication and inclusive social events had made it easier to contribute meaningfully. He said regular discussions with his manager helped ensure support remained appropriate as his role evolved.
Others raised concerns about the persistence of cultural and structural barriers. Simon Blake, chief executive of LGBTQ+ charity Stonewall, said that even with progress, LGBTQ+ individuals still faced financial disadvantages and limited visibility in retirement planning. “Despite overall progress, a clear picture of inequality remains which flows through to financial inequality and a LGBTQ+ pensions gap,” he wrote.
Disability, design and disadvantage
The report includes a call to action from Kamran Mallick, chief executive of charity Disability Rights UK, who said disabled people were twice as likely to be unemployed and earned significantly less than non-disabled peers. “The disability pay gap creates a disability pensions gap,” he wrote. He urged the pensions industry to lead by example through inclusive hiring, communication and service design.
Charlotte Feld echoed the message, writing that reasonable adjustments were still too often treated as exceptional rather than standard practice. She warned that many disabled professionals were forced out of their roles due to inflexible systems, rising health costs and inaccessible environments.
Gender disparities and career progression
Tabitha Morton of gender-equality group UN Women UK focused on gender-based inequality, citing a national pay gap of over 13 percent and a gender pensions gap of around 35 percent by retirement. She said policies that improved pay equity, workplace flexibility and female leadership would benefit both employers and society.
“Gender equality in business is not a ‘women’s issue’ – it is a societal imperative and an economic opportunity,” she wrote.
Shayala McRae, a senior pensions professional and long-standing member of several DEI groups, reflected on how her gender and ethnicity had helped shape her leadership style. She said visible representation remained important, especially for young professionals. “My hopes for the future are that inclusion and diversity becomes second nature… so we no longer have to consciously make DEI a priority,” she wrote.
The class divide
Social mobility was another key theme. Sarah Atkinson of campaign group The Social Mobility Foundation noted that senior figures in financial services were more than twice as likely to come from privileged backgrounds. She said few employers collected data on socioeconomic background and urged firms to follow examples set by legal and financial bodies.
“Social mobility should be seen as an opportunity for forward-thinking businesses to set themselves apart and gain a competitive advantage,” she wrote.
Ian McQuade, now chief executive of pension consultancy firm Muse Advisory, described how his non-university background had affected his early career. He said inclusive leadership meant “dropping the ladder down” for others. “Helping with social mobility is not a once and done thing… If young people don’t have role models… we are setting them up to fail,” he wrote.
Sector urged to stay the course
The report concludes with a reminder that diversity gaps in the workforce will inevitably carry through into retirement outcomes. It urges employers and pension scheme leaders to continue improving data collection, hiring practices and member communications.
Daniel Gerring, who chairs the Society’s DEI group, said: “While there is much to celebrate, there is a great deal still to do to ensure inclusion… We hope that this collection of articles will help to further raise awareness and understanding of the continued importance of DEI, as well as stimulating debate both within the pensions sector and the wider business world.”
The publication calls for the industry to treat inclusion not as a political risk but as a business imperative that affects millions of savers, and the long-term health of the sector itself.
