Pensions Aspects Edition 56 | August 2024

EMBRACING CHANGE: THE FUTURE OF PMI

Gareth Tancred Chief Executive PMI

Dear Members,

As we navigate an era of unprecedented change, characterised by technological advancements and shifting demographic trends, the need for your Institute to adapt has never been more critical. We have conducted an in-depth review of our operations and the support we offer to our members, learners and their organisations. Our goal is to enhance our impact by focusing our resources on areas that will drive the greatest value.

Our core brand value is “Empowering change through education”, and the strategic focus is guided by three core principles: always forward-thinking, responding quickly to a changing world, and maintaining a steadfast commitment to your success. We will proactively lead the industry by fostering continual learning, professional growth, and leadership. Our commitment to innovation will drive sustainable, high-quality pension outcomes. By responding quickly to a changing world, we set ambitious standards and build a trusted pensions environment, supporting our members in delivering better retirement outcomes and improved financial wellness. Through education, guidance, and creating opportunities, we will support your career progression and champion your personal growth, ensuring you stay relevant today and prepared for the future.

Our refreshed brand is more than just a new logo or colour scheme; it represents a strategic shift designed to better align with the needs of our evolving membership and the broader pensions landscape. This transformation underscores our commitment to inclusivity, forward-thinking, and maintaining the highest professional standards. By championing innovation and facilitating improvements across the sector, we aim to position PMI as a leader in driving meaningful change.

This will bring several tangible benefits to our organisation and members. Firstly, we are expanding our educational offerings through the PMI Academy, which will deliver a streamlined curriculum focused on professional qualifications, apprenticeships, specialised CPD training, and essential leadership skills. The Academy will combine tutor-led training with flexible online learning modules, catering to the diverse needs of our industry. This approach will ensure that future pension professionals and leaders are equipped with both the technical and leadership skills necessary to deliver high-quality and transformational pension provision.

Secondly, the establishment of the PMI Global Innovation Centre will enable us to spearhead thought leadership initiatives, bringing cutting-edge solutions and ideas to the UK pensions industry. By fostering a culture of innovation and collaboration, we aim to transform pension provision and establish the UK as a global leader in lifetime savings. Our thought leadership strategy will span the entire spectrum of lifetime savings, working in partnership to put scheme members at the heart of the industry’s future direction. Our Lifetime Savings Initiative project, co-chaired with Schroders is an excellent example of our intent.

Thirdly, we are dedicated to supporting our members by promoting excellence and inclusivity. Our focus on membercentric solutions will ensure that pension schemes adapt to the realities of longer lifespans, later retirements, and a multicultural society. We are committed to empowering members to make informed financial decisions and promoting best practices within the industry. By setting ambitious standards and building a trusted pensions environment, we will support our members in delivering better retirement outcomes and improved financial wellness.

Our values of being professional, inclusive, collaborative, future-focused, and trusted are at the core of everything we do. They guide our approach to challenges, our actions, and what you can expect from us as an organisation

Finally, our appearance. Working with focus groups, we have changed our image. The Pensions Management Institute will be known as the PMI – that’s what many of you already call us anyway. We were told the crest and heraldic emblems can be quite old-fashioned and to attract the next generation we should be bold, lively and colourful. So, we’ve done exactly that. We’ve retained the chevron from the crest, but dropped the blue in favour of teal, orange and gold. Many have already commented positively on the vibrant look that sets us apart and positions us as more contemporary and modern.

As we embark on this exciting journey, we are confident that our strategic vision and refreshed brand will strengthen our position as a leader in the pensions sector. With your continued support, we will build a skilled and innovative workforce dedicated to delivering the best possible retirement outcomes. Thank you for being a part of the PMI community.

Together, we will shape the future of pensions.

16

UNLOCKING THE TRANSFORMATIVE POWER OF DE&I

Can DE&I unlock opportunities and lead to better retirement outcomes?

Scottish Widows’ Sharon Bellingham investigates.

18 EVERYTHING STARTS WITH A PLAN

Karen Quinn asks, ‘when you’re developing your strategy, where and how should diversity and inclusion fit into it?’

30

28 IS 'DIVERSITY OF THOUGHT' DIVERSE?

Daniel Gerring & Charlotte Feld interrogate the phrase ‘diversity of thought’, and its place within pensions DE&I.

32 FINANCIAL EDUCATION IS KEY TO WORKPLACE PENSION PARITY

Aviva’s Laura Stewart-Smith makes the case for the value of education in response to the pensions pay gap.

22

ADDRESSING THE LGBTQ+ PENSIONS GAP

LGBT Great’s Matt Cameron spotlights the LGBTQ+ pensions gap, and outlines how firms could foster greater inclusivity and support.

DIVERSITY IS A NECESSARY BUT NOT SUFFICIENT CONDITION FOR IMPROVING INVESTMENT DECISION-MAKING

David Butcher of Mindful Pensions outlines why self-awareness is a key factor in decision making.

34

HOW CAN MASTER TRUST BOARDS AVOID CONFIRMATION BIAS?

In light of the need to build inclusive pensions, Donna Walsh ponders whether we really understand people’s needs.

06 MEMBERSHIP UPDATE

A breakdown of PMI Membership grades and programmes.

12

WELCOME TO THE PMI’S NEW LOOK!

08

QUALIFICATIONS

PMI Academy Qualifications Update.

Interim Head of Commerce & Engagement Mel Sallis introduces the new PMI brand,

38 CROSSWORD

Our regular pensions puzzle.

14

DE&I WITHIN PENSION

Becky Jaques FPMI digs deep into all things DE&I within the pensions industry.

20

TPR’S DE&I EVOLUTION

Sackers Associate Charlotte Bailey details The Pensions Regulator’s updated DE&I position.

10

REGIONAL NEWS

The latest news and notifications from across the PMI’s regional groups.

24 ENHANCING FINANCIAL EDUCATION THROUGH EQUITY, DIVERSITY AND INCLUSION

PMI’s Keith Hoodless on why DE&I is an effective strategic approach.

40 SERVICE PROVIDERS

A comprehensive directory of PMI services.

11

EVENTS

Listing the latest upcoming PMI Events.

36

PMI MENTORING & DEVELOPMENT PROGRAMME

PMI’s programme for facilitating exchanges between mentors and mentees,

43 APPOINTMENTS

An overview of openings and career opportunities in the pensions industry,

Contacts

Head office

Devonshire House, 6th Floor, 9 Appold Street, London, EC2A 2AP

Membership: +44 (0) 20 7247 1452

membership@pensions-pmi.org.uk

Learning and qualifications: +44 (0) 20 7247 1452

PMIQualifications@pensions-pmi.org.uk

Commercial development: +44 (0) 20 7247 1452 sales@pensions-pmi.org.uk

Finance: +44 (0) 20 7247 1452

accounts@pensions-pmi.org.uk

Editorial: +44 (0) 20 7247 1452

marketing@pensions-pmi.org.uk

YOUR MEMBERSHIP, WHAT'S HAPPENING?

PMI Membership for the 2024-2025

Subscription Year

(1st September 2024 – 31 August 2025)

Thank you to all our members for your continued support and participation in our community.

Your engagement has been instrumental in driving our mission to elevate the pensions profession and foster a network of top industry leaders.

If you are a Student, Professional (profPMI), Associate (APMI) or Fellow member (FPMI) of the PMI you will have received a renewal notice for the upcoming membership subscription cycle.

We continue to experience a rise in costs for many areas of the business. We have worked hard to minimise the impact of these costs to our members, but we have had to implement a small price increase in line with inflation. The PMI would like to support students in their PMI Pathways journey and despite rising costs we are delighted to announce the student membership price has not been increased for the upcoming renewal cycle.

If your employer usually pays for your membership, be assured the PMI Membership team will be in the process of liaising with your employer about your renewal, but we encourage all members to support us in double-checking your employer is in contact with us.

Please contact the Membership Team if you have not received a copy of your invoice, or if you have any questions about your subscription, membership or payment options.

24/25 Fees:

Renew today to maintain your member benefits such as:

Exclusive Access to Industry Insights: Stay ahead with cutting-edge research, reports, and analysis from leading finance experts.

Professional Development: Enhance your skills through our comprehensive range of training programmes, workshops and webinars.

Networking and Learning

• Free delegate pass for PMI’s flagship conferences and events

• Member rates and free places at PMI training events (online and in person)

• Access to PMI’s webinar programme

• Sign up to PMI’s Regional groups and attend regional CPD and networking events

• Opportunity to write and have your article featured in Pensions Aspects magazine

Career Advancement: Access to our job board, career resources and PMI’s Mentoring and Development Programme.

Knowledge Hub

• Bi-monthly Pensions Aspects magazine, quarterly technical supplements, case studies and referral resources

• Gated member content including exclusive industry reports, guides and past event materials

Advocacy and Representation: Be part of a collective voice advocating for the pensions sector, and influence policy decisions.

PMI Student Essay Competition 2024 (Sponsored by ITM)

Thank you to all those who have applied for the Student Essay Competition 2024.

Please note the deadline for submitting the essays is Friday 30 August 2024.

You can find out more information on the dedicated PMI Student Essay Competition webpage here

If you have not registered but would like to take part in the competition, please contact the Membership Team.

THE PMI IS WORKING TO EXPAND THE RESOURCES AVAILABLE TO OUR MEMBERS.

During the rest of the year, you will see and hear more about new benefits such as Special Interest Groups (SIGs), A PMI Member Directory, more regional group events, further training opportunities, a re-launch of our Student and Fellowship Networks and more.

Sign up to your local PMI Regional group today!

Did you know the PMI has 9 regional groups running CPD and social events around the UK. You can sign up to receive news from your local regional group through the My PMI Member portal.

PMI members can attend regional events free of charge and network with likeminded individuals across organisations in your local area of work or home. You can sign up to be part of as many regional groups as you like.

PMI’s regional groups are run by PMI members. If you would like to get involved in supporting your local regional group, get in touch with the PMI Membership Team and we can connect you with your PMI Regional Group chair.

Our current PMI regional groups :

Eastern | London | Midlands | North-East | North-West | Scotland | South-West | Southern | Northern-Ireland

DPT NOVEMBER 2024 EXAM

The PMI will be hosting its next Diploma in Pension Trusteeship (DPT) exam on Monday, 4 November 2024. Bookings will open on 30 September and close on 21 October.

The DPT qualification is an excellent exam for those interested and/or involved in trusteeship. It is a Level 5 qualification and is the highest-level trustee exam that the PMI offers. The qualification serves as a marker between lay and professional trustees who are qualified at the same level and serves to increase professionalism further.

Bookings will be available on the DPT webpage linked here

Booking Information:

Bookings open – 30 September 2024

Bookings close – 21 October 2024

Click here to book your space

PMI REGIONAL GROUP NEWS

NORTH EAST REGIONAL GROUP

The Committee met for the first time in a number of months at the end of June. New Committee members have recently joined the Committee and James Webster FPMI was elected as Chair. In the coming months we’ll be surveying members in our region to help plan the events that we’re looking to arrange in the months ahead. If you’d like to find out more about the Committee or provide suggestions for an event (either business or social) then please get in touch with the PMI Membership Team at membership@pensions-pmi.org.uk

SOUTH WEST REGIONAL GROUP

On 21 May we welcomed 8 teams to a pub quiz on board the beautiful 6 o’clock Gin Glass Boat; the questions were fiendishly difficult, but not for the team from Quantum Advisory who stormed through to win, nominating a charity local to their office, Dreams & Wishes as the recipient of the £100 prize money.

Our annual dinner will take place on 5 September at the Mercure Grand Hotel, Bristol, BS1 2EL with guest speaker Mallowstreet. The price per ticket is £65 with £5 from each ticket sold donated to Age UK Bristol, the South West Group’s nominated charity. Please contact Hazel Bloomfield FPMI for booking enquiries: Hazel.Bloomfield@Barnett-Waddingham.co.uk

Planning is underway for our Autumn 2024 seminar, a save the date with booking details will be shared in due course.

EVENTS

Conferences

Northern Conference 2024

12 September 2024, Leeds

PensTech and Admin Summit 2024

25 September 2024, Online

Trustee Workbench 2024

12 November 2024, London

ESG and Investment Forum

4 December 2024, London

Trainings

Introduction to Pensions (Basic)

30 September - 1 October 2024, Online

Introduction to Pensions (Advanced)

2-3 October 2024, Online

Secretary to the Trustee (Basic)

7-9 October, Online

Secretary to the Trustee (Advanced)

10-11 October 2024, Online

WELCOME TO THE PMI’S NEW LOOK!

Mel Sallis Interim Head of Commerce & Engagement PMI

Why the Change?

As we approach our 50th anniversary of supporting and educating the pensions industry, it's clear that the world has changed significantly. How we learn, the impact of AI, and the ways we communicate and engage have all evolved dramatically. Pensions provision itself has undergone a transformation.

The PMI has recognised the need to be more agile and contemporary. To remain relevant and responsive to the future needs of our members, we will be strengthening our core competencies in education and leading the way in thought leadership, innovation and new areas of development in pension fund management.

We have defined a clear core value Empowering change through education, to help galvanise and focus our work.

Our

Mission

To deliver exceptional thought leadership, comprehensive education, advanced training, and recognised qualifications in pension management. We are committed to fostering industry collaboration and driving innovation to enhance retirement outcomes.

What’s Changing?

You will already have noticed some changes: we have a new logo and a fresh palette of colours. But this change is more about how we will deliver on our ambitious mission. We will be guided by three key principles:

Always forward-thinking

Our commitment is to support our members and partners in creating better retirement outcomes by leading the way in industry innovation and development. By fostering continuous learning, professional growth and leadership, we empower our members to drive meaningful improvements and ensure sustainable, high-quality pension outcomes for the future.

Responding quickly to a changing world

We continually strive to improve practices within workplace pensions to help build better financial wellness. By setting ambitious standards, building a trusted pensions environment, we support our members in delivering better retirement outcomes and improved financial wellness for today and tomorrow.

We are committed to your success

We are dedicated to our members’ success. Through education, guidance and creating opportunities, we will continue to support career progression and the success of our industry partners. We will champion your personal growth, staying relevant to your present needs and preparing you for the future.

We are also developing new ways of working that embed our core values being professional, inclusive, collaborative, future-focused, and trusted into everything we do.

Our overall aim is to attract and engage a new generation of students and professionals, preparing the PMI for the future challenges faced by our members and the scheme members we serve.

Replying to your questions about our new strategy

Q1: Why have the PMI changed their brand/logo?

We changed our brand and logo to resonate with our evolving and diverse membership, stay current in a fast-changing industry, and reflect our progressive, inclusive vision and global awareness. This bold and modern update enhances our ability to connect with our audience, showing we understand their needs and reinforcing our commitment to being a leading, relevant, and dynamic professional body in the UK pensions industry.

Q2: What changes will we see?

Immediately, you will see an updated logo and colours designed to reflect a more modern and forwardthinking organisation, and a refreshed website that will be redeveloped over the next year for better functionality, navigation and stronger member resources. We have also defined new brand values— professional, inclusive, collaborative, future-focused and trusted—which we will embed in all our actions.

This rebranding is part of a wider transformation in how we operate and support our members, not just a visual update.

Q3: Why now?

The completion of our strategic review acted as a catalyst to make change. We highlighted the changing needs of our members and stakeholders and the rapidly evolving pensions industry, recognising the need to adapt and innovate so we could better support our members and the wider industry.

Q4: How have members responded to the changes so far?

The results of the focus groups were very positive: Over 85% felt the changes would give a more contemporary impression. Comments received included:

“I really liked the colourful aspect to the branding – it reminded me of university brochures and looked really inviting and a huge improvement on the current branding/colour palette for communication.”

“I think modernising the brand is a positive move for PMI and will improve impact’’

Q5: Why have we lost the traditional PMI crest?

Our heritage remains important, but to build a new audience and reflect a professional, forward-thinking organisation, we have decided to move away from the traditional PMI crest. The new branding better represents our commitment to modernity, inclusivity, and innovation while still honouring the rich history of the PMI. Our new brand will help us stay relevant in a rapidly evolving industry, and our new principles will ensure we continue to adapt and evolve to meet the changing needs of scheme members.

Q6: Why have you dropped the full name?

The Pensions Management Institute?

As part of our review, we acknowledged that the term "Pensions" does not fully encompass everything we do, with our future scope covering a broader range of lifetime savings initiatives. Over the past few years, we have been using "PMI" more widely, and the rebrand has given us the opportunity to formalise this change. While we are aware that other organisations also use the acronym "PMI," we will retain our website URL to ensure our audience can still find us easily.

Q7: How will this affect PMI’s regional groups?

As part of our strategic transformation, we are currently working with our regions to create a more holistic, inclusive feel for our members, with consistent experiences across all regions. Part of this will include the use of the new brand across all our regions and other communities.

We welcome your thoughts and ideas to help us deliver on our mission and embed our new principles. Tell us your thoughts!

For more information about our new brand and strategic direction, please visit our webpage.

DE&I WITHIN PENSION

Becky Jaques FPMI Associate & Senior Client Relationship Manager Barnett Waddingham

We’re all different – we look different, have different views, different backgrounds, different needs and different ideas on how we live our lives now and in retirement. The pension administration landscape has changed rapidly over the last 20 years, and it is imperative that administrators are aware of this ever-changing environment to focus on what really matters for the members they look after.

Diversity, Equity, and Inclusion (DE&I) has become a hot and perhaps divisive topic over the last couple of years, with terms like “woke” being used to distract from the core goal of DE&I, which is to do the right thing. In the world of pension administration, this directly links to the core goal of trustees - ensuring that you do right by your members by providing them with the best outcomes possible, regardless of who they are.

What is DE&I?

In its simplest terms, it is as follows:

• Diversity refers to who is represented based on gender, age, race, neurodiversity and a wide range of other characteristics.

• Equity is about fair treatment so that people have a chance to succeed irrespective of background or identity.

• Inclusion requires creating an environment where everyone feels comfortable to be their true self and can contribute and be heard.

There are several important factors driving adoption of DE&I in pension schemes. It can help with effective trustee decision-making, alignment with corporate goals and attracting new trustees to bring fresh ideas. This is a focus for The Pensions Regulator, as they have also published guidance on its expectations of trustees within this area.

How can advisers support trustees?

Your day-to-day communications form a key aspect of how we improve member engagement, and bring everyone on their respective journey with us - indeed trustees have a duty to ensure that all communications are fully inclusive and accessible to all.

Communication is an area primed for better integration of DE&I principles, whether this is supporting with retirement planning or members seeking to transfer their benefits.

For example, at Barnett Waddingham we have reviewed our DE&I proposition to pension scheme members, and we are adopting a new feature within our pension administration system allowing members to provide their chosen name and receive personalised greetings and communications. The aim is to enhance our interaction with members on calls, online and in our written communications. A simple example is that a member’s first name is “Katherine”, but they might want their “chosen” name to be “Kathy” or “Katie” or “Kat”, or something else along those lines – providing them with the opportunity to dictate this should be an easy inclusion.

More widely, as part of the FCA Consumer Duty regulations to drive clearer communications and consumer support, we have reviewed our standard communications and offer alternative formats for members such as braille and coloured paper.

If you are interested in hearing more about our DE&I offering and support, we can provide assistance across a wide aspect of DE&I-related items. Please contact our DE&I consulting group on DEIconsulting@barnett-waddingham.co.uk

UNLOCKING THE TRANSFORMATIVE POWER OF DE&I

Sharon Bellingham profPM

Master Trust Lead & Scheme Strategist

Scottish Widows

Going beyond the buzzwords, Diversity, Equity, and Inclusion (DE&I) can unlock opportunities and lead to better retirement outcomes.

DE&I is essential for creating fair and sustainable pension systems. Diversity ensures representation and understanding of various needs, a variety of perspectives, backgrounds and experiences. Equity promotes fair access, and Inclusion fosters trust and engagement.

We firmly believe that embedding DE&I leads to better decision-making, and is pivotal in helping our members and their diverse needs. With more people than ever before saving into a workplace pension, we must ensure that we support this diverse population of savers, with many and differing needs.

The complexity that we navigate every day means that it’s easy to lose sight of our purpose and what we are here to support: good outcomes for members. Lifting our heads up and keeping our feet on the ground is paramount, particularly when we consider;

an estimated 15-20% of the UK is neurodivergent

• 49% of working-age adults in England have numeracy levels equivalent to those expected of primary school children

• the average reading age of adults in the UK is 9-11 years

• 23% of working age adults are disabled.

Pension adequacy is a huge and complex challenge, and it is fundamental that we remove as much friction and as many barriers as possible. A crucial part of any design process is to engage those with lived experiences.

A hugely positive step to assisting fair access will be to quickly deliver on the auto enrolment commitments previously made, and cut the minimum age and remove the lower earnings limit.

Our research shows that there is also inequitable access to pension benefits for marginalised groups. It can be clearly seen how different groups of society are falling behind when it comes to saving for their future. For example, women (divorced women in particular) and the persistent gender pension gap with men, and those with a physical disability or ethnic minority groups. The list is far from exhaustive, but the challenge is clear.

There’s a level of mistrust and disengagement with pensions too, and we must do things differently so that more people have a better chance of a comfortable retirement.

Regulatory initiatives

Although our regulators may be implementing slightly different initiatives, it’s clear that they are heading in the same direction, with a view to; drive robust decision-making unlock and encourage diverse talent in our industry improve how pension firms, trustee boards and governance committees support diverse member needs.

The outcome of The Pension Regulator’s latest Trustee survey was a good reminder of the diversity challenges that we see for ourselves across the industry. And it also provides a baseline that we can test against and measure improvements as we move forward.

Consumer Duty (“the Duty”) is a hugely positive FCA initiative and has raised the bar significantly in how member needs are considered and supported. It does, however, highlight the disparity across workplace pensions, as schemes which are not regulated by FCA do not have to adhere to the Duty; the outcome of this is that members of DC workplace schemes may not be supported in the same way, and this is particularly notable when it comes to helping vulnerable customers.

Vulnerability may be permanent, or it may be temporary, but what is certain is that we will all be vulnerable at some point in our lives.

Our approach

Being part of a purpose-driven organisation such as Lloyds Banking Group means that DE&I is very much built into the culture and values of our business, and we operate to an “inclusive everyday” philosophy. The Scottish Widows Master Trust has made significant strides in this area and successfully embedded an holistic DE&I framework, which goes above and beyond the current regulatory guidance.

We want to demonstrate inclusive behaviour, and integrate DE&I best practice into every aspect of the Scottish Widows Master Trust. This reaches across governance, product design, support for our members, how we communicate and the overall experience and value all members receive.

Our framework has been developed around three main pillars, and within each one sits objectives and an action plan:

• Inclusive governance and behaviours

• Inclusive insight and design; and

• Inclusive support and experience.

While DE&I guidance for pension schemes exists, there is little to bridge the theory and the practice. That’s why we’re sharing our new DE&I blueprint widely, and we hope that other Trustee Boards and Governance Committees will be inspired to implement a framework that suits their circumstances and their members’ needs.

If more providers, Trustees and employers put DE&I at the very heart of everything they do, improved member retirement outcomes are going to be well worth the effort.

EVERYTHING STARTS WITH A PLAN

Karen Quinn Director Untamed Consulting

"Planning without action is futile. Action without planning is fatal.” Not my words, but I love the sentiment. A marketing strategy is the backbone of a successful business – mapping the market, competitors, propositions, target audience and of course communications. But when you’re developing that strategy, where and how should diversity and inclusion fit into it?

Start with the end in mind

When we talk about marketing, people often only think about the execution –the communications. Communications are the bit that everybody sees and understands, the bit that everyone can relate to. But if you’re serious about making a difference to inclusivity then DE&I should permeate every aspect of your strategy, from the research phase to your own internal communications.

Here’s some ideas of what that might look like:

Representative comms

There’s no getting away from it, your comms are the most visible part of your marketing strategy. They are the face of your brand, reaching your audience across channels using multiple forms of media. Are they representative? Make sure your communications reflect your audience not just with the images you use, but by using language and narratives that resonate with different cultural, racial, gender and age groups. Representation builds trust and loyalty – even without knowing why people feel acknowledged and valued when they see themselves reflected in your messages.

It’s why that standard picture of a white-haired, very British looking older couple skipping hand in hand along the beach is no longer the foundation of at retirement product marketing! Commit to featuring diverse people in your campaigns and collaborate with creators from various backgrounds to ensure authentic representation.

Research:

Know your customers

We spend a huge amount of time on KYC legal checks, but how much time and effort do we really spend on understanding customers? Really getting to know and understand your audience is the foundation of all marketing. Without your customers you don’t have a successful business. Knowing your customers means going beyond superficial demographics and diving into the diverse needs, preferences and behaviours of your members. Inclusive research ensures that you’re informing your marketing strategies with accurate and diverse perspectives. Research isn’t a one and done exercise; to really inform your decision-making it needs to be updated regularly to keep pace with the changing needs of your customers, and keep you close to changing trends.

Your team and suppliers

It’s difficult to plan and execute in a fully inclusive way if you’re surrounded by people just like you. Diversity and inclusion should start within your team, and those helping your team achieve their goals – especially your suppliers. A diverse team brings a wealth of perspectives, driving creativity and innovation, which are essential for authentic and engaging product development, designing of member journeys and communications. Think about inclusive hiring, how you can expand your talent pool, and then once you’ve recruited people how your team culture values and supports diversity. If your team reflects your customers, you’re already more aligned to their needs, wants and priorities. How do you appoint suppliers? Is your procurement process so laborious that you’d rather stick with the same supplier? Stop! Your suppliers are an extension of your team, so look for suppliers that can promote broader economic inclusion, diverse thinking and bring fresh, innovative perspectives to your team and work.

Internal communications are also important here – inclusivity needs to be woven into the fabric of your business, else your efforts will jar against other touch points and come across as inauthentic.

Accessibility

We can’t touch on marketing without mentioning digital. And in a digital world, accessibility is non-negotiable. Make sure that your digital content and user journeys are accessible to everyone, including people with disabilities – this is both a legal and moral obligation. But going beyond the minimum legal requirement demonstrates a commitment to inclusivity, there are excellent examples of this from across the industry –including member webinars with a British Sign Language (BSL) interpreter. If your budget doesn’t stretch to that, and let’s be honest, budget will play a role, there’s lots of ideas that won’t cost the earth:

• Keyboard navigability – so all website functions can be operated from the keyboard to support those who can’t use a mouse.

• Contrast – make sure you have sufficient contrast of text and background for visually impaired users.

• Scalable text – so users can resize text without losing content or functionality.

• Audio search – for users that may have trouble writing or spelling but might still want to search information.

• Transcripts and captions – so video content is accessible to those hard of hearing.

• Readable fonts – so dyslexic users can read the words on the screen.

• Time limits – avoid time-sensitive content so those who need more time can read and interact with your website.

It’s not a trend or a fad, it’s about real people

Inclusivity is more than a random set of actions, to be successful it needs to be integrated into the essence of your business and brought to life through your strategy and execution. It needs to be authentic. And above all, you need to remember the real people that your actions will make a difference to. Yes, it’s good practice, but it’s also essential for long-term business success.

TPR’S DE&I EVOLUTION

Charlotte Bailey Senior Associate Sackers

The Pensions Regulator emphasises the importance of equality, diversity and inclusion in workplace pensions for the benefit of all savers. Its General Code of Practice highlights the role of EDI in governance, and provides guidance on implementing EDI principles in the recruitment and selection of trustees, and in building and running a diverse trustee board.

The Pensions Regulator’s (TPR) view is that equality, diversity and inclusion (DE&I) is key to enhancing and protecting outcomes for all savers, and building a workplace pensions system that works for everyone.

TPR published detailed guidance last year to help governing bodies and those with the power to appoint trustees to improve DE&I. It is intended to outline principles on how trustees should approach DE&I issues, and sets out a number of practical ideas on how to implement them.

TPR believes that having diverse and inclusive trustee boards made up of people with a range of characteristics, life experiences, expertise and skills can lead to many benefits for members, including improved value for money for savers, and more effective decision-making that reflects member needs and values.

The General Code of Practice (General Code) was published in March 2024 and provided another opportunity for TPR to set out its expectations and examples of good practice for trustees on the steps that they should be taking in relation to DE&I.

TPR’s intention behind the General Code was that, for well-governed schemes, it should be an evolution, not a revolution, for governance. There were therefore no ground-breaking changes to TPR’s approach to DE&I under the General Code. It does, however, incorporate DE&I considerations into the effective system of governance requirements.

The General Code focusses on two areas when it comes to implementing DE&I:

1. recruitment and selection of trustees, and

2. building and running a diverse trustee board.

Recruitment and selection of trustees

The General Code notes the role that DE&I can play in the recruitment and selection process for trustees. TPR acknowledges that it is good practice to implement inclusive recruitment practices, for example, by designing the member-nominated trustee arrangements to support applications and nominations which represent the diversity of the scheme’s population.

Top tips for trustees on recruitment and selection

• Encourage applications from a diverse population: Use existing company networks and initiatives to advertise the trustee role. Encourage applications from underrepresented groups by using inclusive wording in the recruitment campaign.

• Selection process: Selection rather than election may encourage more applications from potential candidates. Numerical scoring approaches can be used to guard against value judgments, as numerical scoring is more likely to identify differences in panel scoring, prompting discussion as to why the same candidate was perceived differently.

• Training for the selection panel: Arrange DE&I and unconscious bias training for the selection panel ahead of the selection process.

• Reasonable adjustments in the selection process: Make reasonable adjustments to the selection process to ensure that all individuals can apply for the role and act as a trustee. For example, provide candidates with the option for interviews to be conducted either remotely or in person.

Building and

running a diverse trustee board

The General Code also highlights the importance of DE&I when it comes to the structure and running of the trustee board. TPR expects, as far as possible, the trustee board to be well-balanced and diverse, with its members demonstrating varied skills, knowledge and experience.

Top tips for building and running a diverse trustee board

• Induction process for new trustees: Implement a “buddying” or mentoring structure for new trustees so they can be supported by experienced trustees at the outset. Incorporate DE&I training into the induction plan for new trustees during the period following their appointment.

• Role of the chair: The chair of the trustee board plays an important role in encouraging DE&I across the trustee board, and should lead by example. In particular, the chair should provide an open and inclusive culture, encouraging full participation from all members, and encouraging everyone to listen to each other’s perspectives.

• Success criteria for the trustee board: Identify success criteria and actions that the trustee board wishes to take to achieve its DE&I objectives. Regularly review the trustee board’s progress against the criteria.

• Reasonable adjustments in the board processes: Make reasonable adjustments to board processes to support trustees on an ongoing basis. For example, additional measures may need to be put in place to allow individuals to participate fully in meetings such as wheelchair access to in-person meetings, or meeting papers provided in a particular format.

• Agenda item: Integrate DE&I into trustee board and subcommittee meetings by adding DE&I as a consideration at the end of each agenda item or as a standalone item, the end of the meeting.

Despite not taking a revolutionary approach in relation to DE&I, the General Code builds on its detailed guidance and emphasises the continuing importance of DE&I for trustees. As trustees focus on improving governance in line with the General Code, this provides an ideal time to reflect on their processes and policies, and whether they can be made more inclusive going forward.

ADDRESSING THE LGBTQ+ PENSIONS GAP

Matt Cameron he/him Chief Executive Officer LGBT Great

"Intersectionality is not a new idea. It is a lens through which you can see where power comes and collides, where it interlocks and intersects."

Kimberlé Crenshaw

The realm of pensions is a critical yet often overlooked battlefield for equality. Among the myriad challenges faced by marginalised groups, the LGBTQ+ community encounters significant hurdles in securing financial stability for retirement. This article spotlights the LGBTQ+ pensions gap, considering intersecting diversity dimensions (such as race, mental health, disability and social mobility) and outlines how pension firms could foster greater inclusivity and support.

The LGBTQ+ pensions gap refers to the disparity in retirement savings and pension benefits between LGBTQ+ people and their non-LGBTQ+ counterparts. This gap arises from a confluence of factors, including discrimination, unemployment, lower lifetime earnings, and a lack of tailored financial advice.

What?

The pensions gap manifests in lower retirement savings for LGBTQ+ people, leading to financial insecurity in later life. Studies have shown that LGBTQ+ people are 30% less likely to have adequate pension provisions compared to their heterosexual peers.

Why?

Several factors contribute to this gap, particularly when considering the intersection of other under-represented identity dimensions:

1. Inequity and Discrimination - LGBTQ+ people often face workplace discrimination, resulting in lower wages, limited promotion opportunities, and employment insecurity. For those who also belong to underrepresented race or ethnic groups, these challenges can be even more pronounced. LGBTQ+ people of colour earn 16% less than their white LGBTQ+ counterparts.

2. Marginalisation Barriers – For example, LGBTQ+ people with disabilities encounter additional barriers in the workplace. They often face limited job opportunities, higher healthcare costs, and inadequate support systems. According to a report by the National LGBTQ Task Force, LGBTQ+ people with disabilities are twice as likely to live in poverty compared to the general population. These factors significantly reduce their capacity to save for retirement.

3. Traditional Family Structures - Traditional pension schemes tend to favour heterosexual married couples, excluding or disadvantaging same-sex couples and single LGBTQ+ people. This can be especially challenging for those who also navigate social stigmas associated with disability or a marginalised racial identity. A study found that same-sex couples have 20% less in retirement savings compared to opposite-sex couples.

4. Financial Advice - A lack of tailored financial advice for LGBTQ+ people means many are unaware of the best strategies for securing their financial future. This issue is compounded for people from under-represented communities who may already face financial literacy gaps due to systemic inequalities. Nearly 60% of LGBTQ+ people reported not having access to LGBTQ+-specific financial advice.

5. Health Disparities - LGBTQ+ people, particularly those with disabilities or from other marginalised groups, often face higher healthcare costs due to physical and mental health disparities. These expenses further reduce their ability to save for retirement. For example, LGBTQ+ people of colour and with a disability are more likely to face mental health issues and have limited access to competent healthcare.

How could the pensions industry become authentically inclusive?

Pension firms have a pivotal role to play in bridging the LGBTQ+ pensions gap. By fostering an inclusive environment and implementing targeted strategies, these firms can make significant strides in supporting the financial well-being of LGBTQ+ people.

1. LGBTQ+ Representation on Trustee Boards - A crucial step towards inclusivity is ensuring diverse representation and voices of allies on trustee boards. By including LGBTQ+ people and those from intersecting marginalised groups, pension firms can ensure that the needs and perspectives of these communities are considered in decision-making processes.

2. Understanding Lived Experience - Incorporating lived experiences into the development of pension products and policies can lead to more tailored and effective solutions. Pension firms should actively seek input from LGBTQ+ communities to understand their unique challenges and needs better.

3. Awareness Training - Providing comprehensive training on LGBTQ+ issues and intersectionality for all employees is essential. This training should cover the specific financial challenges faced by LGBTQ+ people and emphasise the importance of inclusive allyship practices.

4. Specialised Advisors - Offering personalised financial advice that considers the unique circumstances of LGBTQ+ people can help bridge the pensions gap. Advisors should be trained to understand the specific legal and financial issues that may affect LGBTQ+ clients, such as same-sex marriage laws and inheritance rights.

5. Internal Workplace Practices - Implementing and promoting inclusive workplace policies is crucial. This includes anti-discrimination policies, support for LGBTQ+ employee resource groups, and ensuring equal benefits for all employees regardless of sexual orientation or gender identity. Such practices help to build a stronger consciousness of inclusion from the inside out.

Looking ahead

The LGBTQ+ pensions gap is a pressing issue that demands urgent attention. By adopting an intersectional approach and implementing targeted strategies, pension firms can play a crucial role in supporting the financial security of LGBTQ+ people. Ensuring representation on trustee boards, leveraging lived experiences, providing tailored financial advice, promoting inclusive workplace policies, and fostering comprehensive training are essential steps towards closing the pensions gap and fostering a more equitable future for all.

As Kimberlé Crenshaw's quote reminds us, understanding and addressing the complexities of intersectionality is key to dismantling the systemic barriers that perpetuate financial inequality. The future starts now. By working together, we can create a pensions landscape that is truly inclusive and supportive of everyone, regardless of their sexual orientation, gender identity, race, disability or socio-economic background.

Sources:

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About LGBT Great LGBT Great empowers organisations to become authentically inclusive. Because when your people prosper, everyone thrives. Join our mission to empower 1 million people by 2030.

Stonewall UK: LGBT in Britain - Work Report

Human Rights Campaign: The Wage Gap Among LGBTQ+ Workers

National LGBTQ Task Force: Disability and the LGBTQ+ Community

Reuters: Same-sex couples and retirement savings

CNBC: LGBTQ+ Financial Literacy

The Williams Institute: Mental Health of LGBTQ+ People of Colour

Dr Keith Hoodless Director of Lifelong Learning PMI

Equity, Diversity and Inclusion (DE&I) are increasingly recognised as crucial components in various fields, including education, business, healthcare and more so now, Financial Services.

In the realm of financial education, integrating DE&I principles is not just a moral imperative, but also a strategic approach to foster economic empowerment, reduce financial disparities, and promote broader societal well-being.

But why does all this matter?

Why are we being put through so much pain.  I can hear the cries already. We know what DE&I is – just let us do what we have to and get on with the day-to-day.

Well, it’s because it does matter, people – customers – suppliers – employeesshareholders are saying it matters and something needs to be done that makes organisations understand why it matters.

These same people – customers – suppliers – employees – shareholders will not be happy until everyone has fair access, everyone is included, everyone has that sense of belonging.

It’s fair to say that companies today are discussing more directly, diversity, equity and inclusion (DE&I), as human resources departments strive to ensure that every employee in the workforce is treated fairly and feels welcome, but it is a slow process. Within that, a critical piece that’s often left out of these types of discussion is financial equity and inclusion.

At a basic level, financial equity and inclusion means ensuring that all individuals have equal access to financial services and professional opportunities that can help them generate greater wealth. Wealth gaps currently exist among people of different races, genders and abilities, which create financial inequity.

Companies, especially those with large workforces, have discovered that some of their employees lack access to the financial products and services that most in the Western World take for granted, even bank accounts, which makes it difficult for them to show credit history,

Employees Expect More From Employers

A cornerstone of creating an equitable society is ensuring that individuals have equal access to financial services and professional opportunities and, in turn, to wealth. Today’s go to work/stay at home ‘stressed’ workforce has expressed the need for more than just an income/salary from their employers.

Many employers are beginning to respond with financial wellness tools and programmes as part of their Mental Health Strategy.

One of these ways that companies are working toward greater financial equity and inclusion is by taking a comprehensive look at their benefits packages, and considering financial literacy resources and early access to pay as means to meet their employees’ needs. Unlike traditional financial wellness tools, on-demand pay can be considered more of a financial inclusion benefit that empowers employees with greater choices and opportunities.

Bridging the Financial Literacy Gap

Financial literacy is a critical skill that affects individuals' ability to manage money, make informed financial decisions, and achieve longterm financial stability. However, financial literacy levels vary widely among different demographic groups. For instance, studies have shown that women, minorities and low-income individuals often have lower levels of financial literacy compared to their counterparts .

Promoting Economic Empowerment

Financial education that embraces ED&I can empower marginalised communities by providing them with the knowledge and tools necessary to make informed financial decisions. This empowerment can lead to improved financial outcomes, such as increased savings, better credit scores, and greater financial independence. It can also contribute to broader economic growth by enabling more individuals to participate fully in the economy.

Reducing Financial Disparities

Financial disparities, such as wealth gaps between different demographic groups, are often rooted in historical and systemic inequalities. ED&I-focused financial education can play a role in addressing these disparities by equipping individuals with the skills and knowledge to overcome barriers and build wealth. For example, tailored financial education programs for underrepresented groups can provide targeted advice on homeownership, investing and entrepreneurship, which are key drivers of wealth accumulation.

Increase Security

Only a fifth of the developing world utilise financial institutions to keep money safe. Many store cash in their floorboards, under the mattress or in a container—where it is easy to be found and stolen. Others invest their savings in illiquid assets such as jewellery or livestock—a highly inflexible way to accrue and access savings. By saving money in a trusted financial institution, families are able to safely store, grow and utilise their funds.

Most of the unbanked live in developing countries, and more than half are women.

Reduce Vulnerability

By increasing earnings and savings, financial services allow poor mothers and fathers to make the transformation from everyday survival to planning for the future. Parents can pay for children’s tuition, better their living conditions, and seek out and pay for healthcare services, as they are needed. By providing the ability to tap into past income (through savings) or future income (through loans) or to deal with loss (though insurance), families are better prepared to weather potential financial crises caused by major illness and other calamities that are all too common in developing countries.

CHALLENGES IN IMPLEMENTING ED&I IN FINANCIAL EDUCATION

Systemic Barriers

Systemic barriers can hinder the implementation of ED&I in financial education, for example cultural approaches to saving or investment. These barriers are often deeply entrenched in society, and require comprehensive efforts to dismantle.

Cultural Sensitivity

Developing culturally sensitive materials and approaches is another significant challenge. We, as a sector, must understand and respect the diverse cultural norms and values of our learners, which can vary widely. Why do we send the same document in English to every country in the world, even those that cannot speak or read English?

Bias and Stereotyping

Bias and stereotyping can also undermine ED&I efforts. Financial professionals must be aware of their own biases, and work to overcome them, ensuring that they do not inadvertently perpetuate stereotypes or exclude certain groups from educational opportunities.

Bridging Wealth Gaps, Creating a Culture of Belonging

And so, finally, I come back to my original point: equity, diversity and inclusion is about belonging.

ED&I programs can change the profile of a company’s workforce. They engage an organisation in proactive practice. If executed correctly they encourage inclusivity among varied ethnicities, cultures, income levels and gender identities, and should also foster financial equity and inclusion.

By demonstrating a higher level of concern for employees, companies can help to strengthen the employee-employer bond and create a more mutually beneficial relationship. Employers can demonstrate a commitment to financial equity and inclusion by giving employees access to basic financial education and wellness tools.

Financial illiteracy causes stress and anxiety and mental health issues that often manifest in the workplace, affecting productivity, absenteeism, mental health itself, and employee engagement. By providing access to financial advice, counselling and education on topics such as saving for retirement, budgeting, planning for college costs, and ways to reduce debt, employers are taking a more holistic approach to employee wellness.

In turn, employers reap the benefits of having more satisfied and productive employees who stay longer in their jobs because they perceive that their employer genuinely cares about their financial future.

IS 'DIVERSITY OF THOUGHT' DIVERSE?

Daniel Gerring Partner

Travers Smith

Charlotte Feld Consultant

Travers Smith

Discussions about equality, diversity and inclusion (DE&I) in the Pensions industry and beyond are increasingly centring on "diversity of thought". We look at what different people mean by this phrase, how trustees and other decision-makers can tackle "groupthink", and why this matters for our industry, for members, and for the success of Environmental, Social and Governance (ESG) initiatives.

It is widely (though not uniformly) acknowledged that diverse groups that operate in an inclusive way, including trustee boards, are likely to make better decisions. The Pensions Regulator has made clear its views in its DE&I guidance. There's lots of evidence of strong correlations between diverse corporate boards and good financial results. There's a lot less pensions-specific evidence than you might expect for a roughly £2 trillion industry. However, there is a wealth of research into human group decisionmaking, including "groupthink", and what measures help to improve this. It's difficult to think that the same principles would not apply to groups of pension scheme trustees. There is an increasing focus in financial services and pensions on the notion of "diversity of thought" as an antidote to groupthink. Which all sounds very useful, doesn't it?

Our industries include, as you might expect, a diversity of opinions. Which is generally always healthier than groupthink. And we love using jargon and shorthand for complex ideas. But sometimes important detail risks being lost in the debate. So let's take a closer look.

What does "diversity of thought" really mean?

The phrase is sometimes used to refer to "neurodiversity" or more specifically "neurodivergence". It can absolutely be true that people who are not "neurotypical" can add fresh perspectives and new ways of thinking to decision-making, with the potential for more innovative and effective results. Recognising this is a wonderful and inclusive step.

But this is probably not the most common understanding of the concept.

"Diversity of thought" can sometimes be used to claim that a group is more diverse than the actual range of characteristics of its members. Which is, arguably, quite convenient when a group is not particularly diverse.

You might have heard complaints that there is no point adding a woman to a board if she is from a more privileged background. This type of statement could suggest that a person is merely a token diversity hire, who should necessarily tick as many boxes as possible. It also implies that being 'only' a woman is not important enough. Maybe this would be justifiable if a board is already properly gender diverse but is lacking other types of diversity such as socioeconomic characteristics. But that is rarely the case.

Surely, a more diverse and inclusive approach to diversity and inclusion would be preferable?

The notion of "diversity of thought" as an antidote to groupthink can sometimes be misplaced. Particularly when the sort of diversity or neurodiversity that some are most comfortable with is of the sort: "Steve follows cricket, but Mark is more of a rugby man".

What really is the antidote to groupthink, a psychological concept that has been studied for at least 50 years?

From our own observations and experience, it is crucial for a group to have diversity of characteristics and lived experiences. There is evidence to back this up. For instance, in one experiment (Sommers, 2006), racially diverse mock juries were better able to sift through the facts and less likely to make errors than homogeneous groups of white jurors.

Pension beneficiaries and savers are often diverse groups, so diverse trustees are likely to be better able to understand their situations and reach reasonable conclusions.

But psychologists may tell you that the solution to groupthink is also about making sure a group encourages dissenting views, guards against one or more people dominating, and ensures that everybody gets a chance to speak. Which reminds us of the trustee boards we have advised that have very skilled chairs.

We might usefully use the shorthand "inclusion" for all of that. Diversity is essential, often a legal requirement, and of course the vast majority of people believe it is the right thing to do in a varied society where everybody should have a fair chance. So genuine diversity, rather than "diversity of thought", must be the primary goal.

But it seems the best chance of improving decisionmaking is when a trustee board combines diversity of characteristics with inclusive culture and practices. It's not enough just to let somebody new and different sit at the table. We also need to make sure we listen to them, and that they really are contributing to decision-making.

The Pensions Regulator's guidance includes lots of great suggestions about ensuring inclusivity — including the crucial role of the chair in making sure everybody participates, adjustments are made for different needs and working styles, and the culture is open and supportive of difference.

We owe this not only to each other but also to pension scheme members and savers, as DB trustees face ever more challenging decisions about endgame, while DC players consider the challenges of underfunded and unequal pots.

DE&I is also crucial for both the 'S' and the 'G' in ESG. We increasingly expect DE&I factors about investee companies to be considered. We also need to become more practised in examining how investment choices are made. Who is making them, and how?

Other areas that still need development include looking at DE&I when assessing the strength of an employer's covenant.

Ultimately, ensuring diversity and inclusion is common sense and the decent thing to do, which can benefit both pension outcomes and the world in which members and savers live. We're seeing lots of encouraging developments, but there is more to do. Changes should be genuine and impactful and not simply badged with the word "diversity".

DIVERSITY IS A NECESSARY BUT NOT SUFFICIENT CONDITION FOR IMPROVING INVESTMENT DECISION-MAKING

David Butcher Founder Mindful Pensions

The quality of decision-making in business generally has significant room for improvement.

In her book “Tune in”, Nuala Walsh comments on research conducted by McKinsey observing that “80% of leaders admit that their organisations don’t excel at decision-making – and over half of decisions are found to be ineffective anyway”.

Against that backcloth, there is no doubt that diversity, equality and inclusion (‘diversity’) not only reduces this risk but also improves the quality of decision-making.

Research by Cloverpop (“Hacking diversity with inclusive decisionmaking.”) shows that “Diverse and inclusive decision-making leads to better business decisions 87% of the time”. In “Why diversity matters in decision-making”, Kathy Sucich argues that diverse teams make better decisions not only because they focus more on facts, but they process facts more carefully, as they are considering multiple perspectives from people who think differently to the way they do.

Diversity of boards is therefore a necessary condition for improving decision-making.

But it is not just diversity that is crucial to decision-making, it is also the level of self-awareness in decisionmakers. Self-awareness is how well we understand what goes on in our minds: our thoughts, emotions and bodily sensations. The link between self-awareness and decision-making is well established. Harvard researchers (Erich Dierdorff and Robert Rubin) found that self-awareness in the workplace is particularly low. Their really important insight was that high self-aware teams are more than twice as likely to be effective at decision-making than low self-aware teams.

The challenge with self-awareness is that 90% of us think we are highly self-aware, but in reality only 10% of us actually are (Dr. Tasha Eurich, Forbes and Harvard Business Review). This is where mindfulness comes in.

Mindfulness is essentially awareness, awareness of our thoughts and emotions. Mindfulness is a cognitive skill that has been demonstrated through many scientific studies to improve our self-awareness. Selfawareness is a key foundation of emotional intelligence. Daniel Goleman, who first assessed emotional intelligence, said “Mindfulness is self-awareness in action” (“Optimal” by Daniel Goleman).

Mindfulness has been shown by INSEAD to have the potential to improve the decision-making process at all four stages: framing the decision, processing information, coming to conclusions and learning from feedback. INSEAD found that mindfulness has the potential to increase the number and quality of options being considered. Because of high self-awareness, mindful decisionmakers are more likely to recognise the limits of their knowledge and accept

the possibility of being wrong. And research shows that mindful decisionmakers are more likely to stick to their choices and implement them.

In the pensions and investment industry, there are additional challenges to investment decisionmaking for trustees. First, they make decisions in groups, and groups have been shown to be less efficient than the sum of their parts. Second, trustees make decisions on behalf of others and surrogate decision-making is well known to be less than optimal. Not only that, but surrogates also find it hard to empathise with others, and this is a growing risk given how little trustees know about their members’ attitudes, needs and preferences, especially taking diversity factors into account.

Finally, there is the specific challenge of cognitive bias. Here is the thing about bias: “We all have a tendency to not see our own biases and see ourselves as being less susceptible to bias than

others” (Emily Pronin and Mathew B. Kugler). And if we have low levels of self-awareness we are even less likely to be aware of our own particular biases. This is scary when you take into account that there are 188 cognitive biases! (Cognitive Bias Codex, Buster Benson and John Manoogian 111). Of those 188, about 20 or so probably apply to trustee boards, and the CFA showed that beyond groupthink, it is the herding, confirmation, overconfidence and availability biases that apply most often to investment decision-making.

It is clear from other research that cognitive diversity is crucially important in reducing the impact of cognitive bias, including groupthink mentioned above. But high self-awareness comes before cognitive diversity as the most effective way to reduce and eliminate cognitive biases. And mindfulness is the key to improving self-awareness.

Diversity is a necessary but not a sufficient condition to improving decision-making, including investment decision-making. Mindfulness is crucial to improving decision-making, as it has been proven to improve selfawareness. Diversity and mindfulness are both therefore essential to improving investment decision-making. In conclusion, there is a profoundly important connection between diversity, self-awareness and mindfulness and I believe that all boards should be exploring these connections to improve the quality of their decision-making.

FINANCIAL EDUCATION IS KEY TO WORKPLACE PENSION PARITY

Laura Stewart-Smith Head of Client Engagement Aviva

Auto enrolment (AE) has been instrumental in ensuring millions of workers have saved into a workplace pension since its launch over ten years ago. However, it has also highlighted a notable difference in the pension savings of women compared to men – the gender pension gap

Aviva’s pension contributions data shows the gender pension gap begins to widen significantly from the age of thirty-five.1 This is also the time of life when parents tend to make important career and childcare decisions. The average age of mothers having children is now just over 30 years old.2 People coming back to work after having their first child are likely to experience one of the biggest transitions of their career. It is understandable that many parents choose to reduce their working hours in order to spend time with their young children or save money on childcare. The Office for National Statistics (ONS) data show that more women (38%) work part-time than men (14%) which suggests women might be more likely to reduce their hours to care for children.3

I’m just one of many working mothers in the pension industry. My two boys are 10 and 13 years old and, heartbreaking as it is to admit, they are significantly more independent today than when they were young. That said, they do still need my time and attention on a daily basis, which makes getting a good work-life balance a top priority for me.

Awareness of the gender pension gap has improved. Over the last few years, there have been high-profile awareness campaigns in national media highlighting the issue and it looks to be having a positive impact, with our data showing the gender pension gap closing slightly for most age groups. However, it has still widened for some, particularly those aged 30-45 years old.

When anyone chooses to work part-time, a concern around the reduction in pension contributions is unlikely to be high up the priority list. However, it should at least be on the list of considerations. Education and understanding are key to good financial planning. If employees are fully aware their pension will be impacted by working fewer hours, they are in a better position to be able to plan ahead.

Last year, Aviva provided financial education seminars to over 56,000 workplace pension scheme members, which are designed to improve understanding and support better financial planning. The seminars are free to Aviva workplace pension scheme members and provide a wide range of information on pensions, budgeting, saving money on household bills, understanding debt, and money problems.

Pension providers can also help by making the impact of taking career breaks or reducing working hours more visible to workplace pension scheme members. While this is unlikely to drive different decisions, it will help them plan for any shortfall, and perhaps look at ways to fill the gap. At Aviva, we are building the ability to forecast career breaks into our retirement planning tools to ensure members have all of the information they need.

Employers can also ensure that parents are supported. Aviva has an excellent Carers community which is designed to provide support for all types of carers across our workforce, which includes new parents. It is often parents supporting parents, sharing their experiences and talking through problems.

When it comes to more specific interventions, it is true that you can’t manage what you can’t measure, which is why Aviva offers support for employers via our governance reporting and insight hub. This highlights any gender pension gap an employer might have, and allows them to dig into the detail, with the help of their relationship manager, to see where the issue might lie. We can then work with employers to take appropriate actions designed to close the gap.

The cross-industry Pensions Equity Group has recently published a useful guide for employers on how they might reduce their own gender pension pap. The guide called ‘Mind the Gap: Reducing the gender pension gap’ takes a tiered approach, highlighting the interventions employers might consider, from measurement and ensuring compliance with labour laws, through communications and amendments to contribution structures and flexible working policies.

There are encouraging signs the gender pension gap is beginning to close, albeit slowly. There is not a single solution to ensuring everyone has a comfortable retirement, but parity is possible. The first step is having access to the right data, and the toolkit to implement positive change, which should help to provide every employee with the equal opportunities to achieve their retirement saving goals.

1. Aviva | 02 Mar 2023 | Pension pots of women just over half the size of men at 60-65 years old

2. Office for National Statistics | 17 May 2024 | Birth characteristics in England and Wales: 2022

3. House of Commons Library | 04 March 2024 | Women and the UK Economy

HOW CAN MASTER TRUST BOARDS AVOID CONFIRMATION BIAS?

Donna Walsh Head of Master Trust Standard Life part of Phoenix Group

By better understanding different people’s needs and attitudes, we can build a more inclusive retirement savings system. But do we understand other people as well as we might think?

The UK workforce is increasingly diverse and is set to change further in future. But before pension systems and services can be redesigned to reflect these demographic changes, member needs and attitudes need to be understood. I suspect this may sometimes be harder than some of us imagine.

Take, for example, some of the findings from Standard Life’s Retirement Voice 2023 survey, which explored the views of more than 6,000 people in the UK from all walks of life.1

In this survey, half (51%) of Gen Zers said they’d “rather invest in property than a pension”. Millennials weren’t so different, with two-fifths expressing the same attitude.

What should we make of this?

Open to interpretation

Perhaps these findings tell us that younger people plan or expect to have second or third homes in retirement, and hope that the rental income will provide better income than a pension?

Might they also indicate that many young people have little faith in pensions to provide them with financial security in later life?

Or do they indicate, instead, that many young people feel that getting on the property ladder is immensely difficult, but more immediately important to them than saving for retirement – and therefore, this is what they’re prioritising?

Or might it be, rather, that we don’t really know?

Without asking the respondents what they meant by these answers, and better understanding people in this age group, we lack the context surrounding these findings. And, as the saying goes, data without context is like a riddle waiting to be solved.

Context is everything

Other findings from the research perhaps also require further reflection. For example, around a third (32%) of people from a black, Asian and minority ethnic background said they were not focusing on saving for retirement because they were “expecting to inherit money or property”.

It would be easy to formulate a view about this finding, but, again, do we really know what it signifies? As we know, the significance of data becomes apparent when placed within its proper context. But what, exactly, is that proper context? And who decides?

Understanding the proper context of many people’s decision-making would seem to require a level of knowledge, empathy – and dare I say, imagination –that is, individually, beyond many of us (me included!).

As we know, data interpretation is not purely objective. Emotions, beliefs and personal experiences can easily colour analysis. So if we’re not careful, data analysis can mislead as much as it can instruct.

A team that includes individuals with varied backgrounds and perspectives can help to enrich the group’s depth and range of sensibilities, and strengthen the overall interpretive process.

It also helps to stay humble. Embracing uncertainty and acknowledging the limitations of incomplete data – and of our own understanding – is essential to avoid drawing erroneous conclusions.

We are therefore proud to have a diverse Standard Life Master Trust Board, which helps to improve decisionmaking – and stay alert to things we need to learn more about.

As the amount of data used in our working lives increases in the years ahead, having diverse decision-makers is likely to become even more important. This is why Standard Life launched the Trustee Accelerator Programme (TAP) to support the next generation of Trustees.

Widening the net

TAP provides participants with knowledge and insight into the world of pensions, and the qualifications needed to become ttrustee-ready. It is open to participants from all walks of life, including those without previous pension experience.

Launched in partnership with the Pensions Management Institute, the two-year programme began in April 2024. It has been designed with flexibility in mind, putting people in control of their learning, so they can study around a job, caring responsibilities and any other commitments.

We would welcome other providers joining forces with us, or launching their own programmes to increase diversity in our industry, with the ultimate aim of improving outcomes for all members.

1. Between July and September 2023, Standard Life commissioned an independent study that sought to understand consumer attitudes to pensions and retirement plans. The study questioned a total of 6,350 UK adults, with the data weighted to give a nationally representative sample by age, gender, region and working status. The research sample included UK adults aged 18–80 and covered a range by income, savings, region, gender, ethnicity, and other key attributes.

PMI Mentoring & Development Programme

The PMI's Mentoring & Development programme, proudly sponsored by People's Partnership, facilitates an exchange between mentors and mentees. It enables senior professionals to enhance their leadership and listening skills while providing support and guidance to younger talents.

Veran Patel (mentee)

How would you rate your experience of the overall programme? 4/5

How would you rate your experience with your mentor/mentee? 5/5

"Very helpful, knowledge was great and always happy to help."

Would you recommend the programme to your colleagues? Yes

"I found it helped me develop."

Simon Magee APMI (mentee)

How would you rate your experience of the overall programme? 5/5

How would you rate your experience with your mentor/mentee? 5/5

"I formed an excellent relationship with my mentor which built up over the year. The guidance was invaluable to my successful promotion."

Would you recommend the programme to your colleagues? Yes

Liam Broderick FPMI (mentor)

How would you rate your experience of the overall programme? 5/5

How would you rate your experience with your mentor/mentee? 5/5

"A very useful exercise. Both my mentee and myself agreed that it was great to be able to catch up and discuss issues away from the normal workplace environment."

Would you recommend the programme to your colleagues? Yes

"I have recommended this programme to colleagues and am delighted that one of them has decided to become a Mentor this year for the first time."

Kevin Richard Martin (mentor)

How would you rate your experience of the overall programme? 4/5

How would you rate your experience with your mentor/mentee? 5/5

"Really positive, made an immediate connection with Simon, which carried on throughout our regular catch-ups."

Would you recommend the programme to your colleagues? Yes

"Hugely fulfilling experience and process."

CROSSWORD

Across

1. Includes dyslexia and ADHD (14)

8. Contextually relevant (8)

12. Clear text (8)

16. Monthly fee for a service

18. Connected (5)

21. Easy to traverse (9)

23. Moment of joining (10)

26. Legal stipulation (9)

27. Underrepresented group (8)

29. Stifling of dissent in a group (10)

30. Impart knowledge (8)

31. Condition of being equal (6)

32. Above all else (9)

33. Cognisance (9)

Down

2. Pursuant of equality (11)

3. Portrayal of a given group (14)

4. Long academic paper (12)

5. Enclosed community (5)

6. Requirements (5)

7. The genuine article (9)

9. Written record of speech (10)

10. Impactful response (6)

11. Pressing (9)

13. One-sided (4)

14. Degree of difficulty (10)

15. Unfair (11)

16. Easily grown (8)

17. Increase in scope (7)

19. Holistic health (8)

20. Opposite of individualist (12)

22. Audibly perceived (5)

23. Marketing messaging (5)

24. Advocate (7)

25. Alternative, accessible reading system (7)

28. Wide-ranging (5)

Edition 55 Answers

Across

6.pessimistic 9.schema 10.preside 11.viable 13.knocks 15.dispute 17.solidly 18.super 20.allotment 22.renewal 24.at once 25.dependency 28.limit 30.scan 31.fulfilment 32.corollary 34.hottest 36.transact 38.erroneous 40.interpersonal

Down

1.acclaim 2.portent 3.erudite 4.good fit 5.delay 7.in person 8.debunk 12.capture 14.cordial 16.pinpoint 19.annual 21.tag 23.wake 26.placed 27.consolidator 29.majority 33.atone 35.inertia 37.entente 39.sinking

To advertise your jobs within Pensions Aspects or on pensioncareers.co.uk, please contact:

adam@insidecareers.co.uk or call 0203 915 5940

Copy deadline: 16th September for October 2024 issue

Operations Analysts - De-Risking

Excellent Salaries & Bonuses – London/Hybrid

Leading specialist de-risking insurer

Various roles in key operations team, including senior

Must have excellent data and Excel skills

DB/de-risking specialist background

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG142373

Governance / Secretariat Associate

Circa

£55,000 + Bonus & Package – London

Respected consulting firm

Expanding governance and trustee secretariat practice

Secretary to trustees experience a big advantage

Exposure to TPA and client work also useful

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG153427

Associate Trustee Consultant

To c£60,000 + Benefits – Hybrid/UK wide

Opportunities in Independent Trustee and Consulting spaces

Excellent career progression into trusteeship/pension consulting

Requires min 3-5 years’ DB admin/consulting/actuarial exposure

Progress toward APMI or equivalent helpful

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH154384

Snr Consultant - Outsourced Scheme Management

To £80,000 + Bonus and Package – From Home

Highly respected and fast growing consulting firm

Specialist outsourced scheme management service

Consultants, Scheme Managers and Client Managers welcome Admin, governance and secretariat experience needed

Contact: Andrew.Gartside@ipsgroup.co.uk - London Ref:AG152493

Assistant Pensions Manager

To £55,0000 + Benefits – Manchester or Glasgow

Ideal first step into Pension Scheme Management

Multi award-winning professional services firm

Solid DB technical knowledge essential

Scheme Secretariat or consulting background ideal

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH154392

Independent Trustee Client Manager

To £c£80,000 + Benefits – Manchester/Leeds/Glasgow

Key Trustee Client Manager for a portfolio of clients

Building/managing a team to support lead Trustees

Existing trustee/actuarial/legal background ideal

Strong commercial acumen and BD skills advantageous

Contact: Dan.Haynes@ipsgroup.co.uk - Manchester Ref:DH153395

We also have a large selection of interim and contract vacancies available. Please contact Dan Haynes - Manchester Office dan.haynes@ipsgroup.co.uk

London

Tel: 020 7481 8686

Leeds Tel: 0113 202 1577

Birmingham Tel: 0121 616 6096

Manchester Tel: 0161 233 8222

Find your next job with...

Please

Christine Brannigan: christine@branwellford.co.uk

Hayley Brockwell: hayley@branwellford.co.uk

READY FOR YOUR NEW ROLE?

At Flint Hyde we are currently working on a number of different assignments across the pensions sector, from inhouse roles to working with niche providers. Below are a selection of current roles we would be happy to discuss with any interested candidates.

Senior Client Manager – Consultancy based in Scotland with Home working up to £100,000 + bens.

Trustee Director – UK wide with home working up to £150,000 + bens depending on experience.

Business Development Director – niche pensions consultancy to £100,000 + excellent bonus flexible working.

Client Manager – Niche pensions service provider to £75,000 + bens. Home working available.

Trustee Support – UK wide with home working available. Up to £85,000 + bens.

Pensions Governance/Secretarial – Niche consultancy with a mixture of home/office based work to £120,000 + bens.

Pensions Manager – Consultancy role with 100% home based up to £70,000 + bens.

Inhouse Senior Pensions Manager – mixture of office and home based up to £120,000 + bens.

To discuss these and other opportunities we are currently working on please contact our dedicated pensions team of Andrew Carrett (andrew@flinthyde.c.o.uk), Lewis Campbell (lewis@flinthyde.co.uk) and Samuel Leat (samuel@flinthyde.co.uk).

A member of the Sammons Recruitment Group

A member of the Sammons Recruitment Group

Leading recruiter for Pensions Professionals

Leading recruiter for Pensions Professionals

www.sammonspensions.co.uk

www.sammonspensions.co.uk

pensions@sammons.co.uk 01277 268 988 / 020 7293 7022

pensions@sammons.co.uk 01277 268 988 / 020 7293 7022

Technical & Quality Assurance Analyst

Secretary to the Trustees

Hybrid/Offices Countrywide

Nottinghamshire/London office attendance/flexible

Is your salary in line with the market?

£excellent

£competitive

You will ideally have a strong technical understanding of DB pension scheme arrangements, able to confidently and proactively support the Scheme Secretary with all duties. Ref: 81075 NMJ

Join this leading consultancy and integrate a quality-first approach, aiming to elevate the service delivery standards and providing expert technical advice to the operations team Ref:81074 NMJ

Secretary to the Trustees

Administration Bridge Consultant

2023 Salary Survey now published.

UK Wide/Flexible Attendance to £45000 per annum

Hybrid/Nottinghamshire to £45000 per annum

Director,

Risk Transfer Consulting

In-house Head of Pensions Operations 6 mth FTC

Hybrid/2 days a week from one of the UK offices

Hybrid/UK Wide offices

Pensions Director, Ops & Comms,

Hybrid/Scotland c.2 days per week

In-House

£6 fig

£attractive package

Senior, progressive appointment for a skilled Risk Transfer specialist with this industry-leading specialist. Ref: 80830 SB

This offers a varied and challenging interim role for a skilled Senior Pensions Operations Manager, leading operations for a £multi-billion pension fund Ref: 80995 SB

£6 figure

Exceptional senior appointment with a highly skilled team supporting £multi-billion Pension Fund. Ref: 79999 SB

Professional Trustee

Transitions Manager

Hybrid various UK offices & remote working options

£attractive

Senior Pensions Executive, leading Trustee firm

Hybrid/c.3 days a week London office

Hybrid/London office c.3 days per week

£excellent + bonus

Comprehensive insight into current salaries and trends in the pensions industry.

Are you a DB Senior Pensions Administrator looking for a change? Do you have an eye for systems work? Bridge the gap of Pensions Administration teams and Implementation consultants, ensuring the delivery of high-quality implementation services. Ref: 81336 NMJ

You will ideally have a strong technical understanding of DB pension scheme arrangements, able to confidently and proactively support the Scheme Secretary with all duties. Ref: 81075 NMJ

Progressive career move within the Trustee Executive & Professional Trustee sector, shaping your role to suit your skills and aspirations. Ref: 72544 SB

Varied, challenging and progressive opportunity as you provide secretariat, governance, pensions and project management with this highly respected Professional Trustee specialist. Ref: 58338 SB

£superb package Manage delivery of the implementation phase for de-risking transactions for this financial services specialist. Ref: 68293 SB

Senior Pensions Executive, leading Trustee Firm

Pensions Administration Team Leader

Senior Pensions Analyst

you would like to discuss our findings or specific benchmarking, please contact us.

London/hybrid to £60000 per annum + bonus

Hybrid/2 days a week West Yorkshire office to £44000 per annum

Join the Customer Operations department and effectively collaborate with Risk / Transitions / Finance to secure their buy-in and implement improvements to systems, processes, and technology Ref: 81379 JW

Do you thrive under pressure, with the ability to prioritise and delegate a varied workload? Would you like to join this Pensions service during an exciting period of growth? Ref: 81165 JW

Assistant Scheme Secretary

Work from home

Senior Benefits Technician

Pensions Lead Technical (IT) Consultant

£excellent

£excellent

Hybrid/London c.3 days per week

Head of Pensions, in-house

Audit Partner

Home-based

£excellent + bonus

Varied, challenging and progressive opportunity as you provide secretariat, governance, pensions and project management with this highly respected Professional Trustee specialist. Ref: 58338 SB

Hybrid/2-3 days a week Berkshire office £competitive + bonus Fantastic opportunity to take your career forward leading this in-house Pensions function. Ref: 80721 SB

£6 figure

Highly successful and ambitious Pensions Audit Specialist business offering a diverse and interesting opportunity. Ref: 80428 SB

Head of Pensions Covenant & Risk, in-house

Hybrid/London

North West/hybrid

In-house Pensions Manager – Trustee Secretary

Client Director/Trustee/Trustee Executive

£superb package & bonus

Hybrid/London 2-3 days per week to £44000 per annum

Excellent opportunity to join a leading pensions IT specialist and lead a team to install, configure, and support applications Ref: 81355 BC

ole open to candidates with existing Trustee focused work or those looking to move across from other areas, good DB technical knowledge required. Ref: 73044 BC

Varied, employer-facing opportunity as you negotiate with participating employers on covenant, contributions and other risk aspects.

Excellent opportunity to become part of an in-house pensions team, delivering a comprehensive benefits administration service Ref: 81168 JW

Pensions Analyst

Part-Time Client Account Manager

PPF Principal Pensions Administrator

Staffordshire/hybrid to £45000 per annum

Hybrid/Worcestershire or Bristol to £42000 per annum

ybrid/London up to £55000 per annum

uild and nurture client relations for this award-winning Pensions specialist. Ref: 80468 BC

Fantastic opportunity to join a leading brand in their small in-house pensions team. Provide support to the Pensions Manager UK&I in relation to all aspects of the Company's pension arrangements Ref: 81271 JW

Take your DB experience forwards and assist with the administration of schemes entering the Pension Protection Fund Ref: 34961 NMJ

Part time Pensions

Administrator

Senior Pensions Administrator, Secretarial

ensions Administration Manager

Hybrid/East Yorkshire

Hybrid/various offices UK £attractive compensation

Ref: 74594 SB

Hybrid/3 days South Yorkshire office £comprehensive package Progressive, varied opportunity on offer, with a collaborative in-house Pensions team managing a £multi-billion pension fund. Ref: 81135 SB

Support ongoing business growth whilst taking on a highly varied client portfolio Ref: 73266 SB

Actuarial Consultant

Outsource

Pensions Consultant/Trustee Manager

Work from home

Professional Trustee

Offices Countrywide/flex working/remote to £85000 per annum

£excellent

Work within a leading Pensions Actuarial team delivering high quality advice and providing innovative solutions. Ref: 81374 BC

Hybrid/London or North West 2-3 days

Niche Consultancy looking for pensions professionals to provide Outsourced Trustee services and manage governance projects Ref: 70444 BC

£6 figure package

Sales Director

Pensions Executive

Work from home to £80000 per annum

Superb opportunities with this highly reputable Professional Trustee business, for skilled Pensions professionals seeking a progressive career move. Ref: 70402 SB

Hybrid/Manchester or London

£65000 per annum

Hybrid/Surrey or Work from home to £35000 per annum

Excellent opportunity for a Pensions Administrator looking to work part time on a flexible basis supporting the Pension Specialist. Ref: 80994 JW

Hybrid/Manchester/Northern Ireland/Scotland to £45000 pa If you thrive working with complex problems, this could be the role for you! Ref: 81385 NMJ

£in line with experience you have a strong working knowledge of DC & DB pensions administration, legislation and regulations, excellent opportunity to this in-house pensions team. Ref: 72969 JW

Excellent opportunity to join a newly developing sales team and be part of exciting growth plans Ref: 81259 BC

Work on a portfolio of clients and deliver market-leading governance and independent pensions executive services. Ref: 81092 BC

Senior Communications Manager, In-House

Pensions Manager, in-house

Hybrid/Scotland 2 days a week

Hybrid 3 days a week London office

£excellent

Pensions Administrator

Client Manager

Project Manager

Hybrid/Scotland or London

£superb Drive communications strategy to enhance and develop Pension Scheme member engagements. Ref: 80395 SB

Work from Home/London

Senior Pensions Administrator

c.£30000 - £40000 per annum

Hybrid/London, Surrey or Scotland to £35000 per annum

You will act as a key member of the Project Management Office team and be jointly responsible with the Project Manager for the delivery of projects within the business Ref: 80705 JW

Join this market-leading team of Independent Data Consultants, working in specialist projects, you will need an understanding of DB pension scheme arrangements and a keen eye for data Ref: 81137 NMJ

Hybrid/West Yorkshire

Pensions Administrator

£in line with experience

Take your DB Pensions knowledge forwards as you gain exposure to complex schemes and client-facing opportunities. Ref: 79608 NMJ

Senior SIPP Pensions Administrator

Developmental opportunity as you support delivery of UK Pensions, Risk benefits and EMEA plans for this prestigious global financial services firm. Ref:81244 SB

£in line with experience Excellent opportunity to join a growing Pensions Consultancy and deliver exceptional client services. Ref: 81086 BC

Senior Manager – Trustee Services

Leeds/hybrid

Pensions Consultant (In-House)

c.£30000 per annum

Hybrid/Edinburgh or Bristol to £32000 per annum

Broaden and develop your career within pensions with this leading consultancy, with full study support. Ref: 76264 MV

Join one of the UK's leading online investment providers, known for their relaxed culture and employee collaboration mind set. Ref: 80013 MV

Work from home/London to £44000 per annum

Pensions Administrator

Pensions Administrator

Excellent opportunity to join an in-house team working on a £billion closed DB scheme and an open DC scheme. Ref: 79651 JW

Hybrid/Manchester to £30000 per annum

Office Based/Kent with some flexibility to £31000 per annum

Great opportunity to join one of the UK’s largest independent pensions advice and wealth management specialists. Ref: 81335 MV

Associate DC Consultant

Join this leading supplier of services and software to public and commercial sector organisations across the UK, widening your exposure to complex pension schemes. Ref: 79622 MV

Hybrid/Kent

Pensions Analyst – Graduate Opportunity

Hybrid/Hertfordshire/London

Pensions Administrator

Hybrid/South Yorkshire 3 days in office

£competitive

Ideal role for up-and-coming Graduates or junior pensions professionals keen to build a long-term career within pensions Ref: 80608 MV

£excellent benefits

£competitive you from an admin or analytical background and keen to take the in your pensions career within a growing team? Ref: 73178 NMJ

Join a leading independent employee benefits specialist, where you will be fully encouraged to develop your pensions knowledge. Ref: 65417 MV

SAS Client Manager

Pensions Administrator

Hybrid/Merseyside to £24000 per annum

Pensions Administrator

Hybrid/Multiple office locations across UK £competitive an established team and have responsibility for managing a high value SSAS portfolio Ref: 34976 JM

Keen to progress? Join a leading UK consultancy where study is supported Ref: 81283 MV

Hybrid/Bristol to £30000 per annum

Independent company of actuarial, consultancy, investment and administration services to the pensions industry, is looking for a bright individual to join their team Ref: 81149 MV

Pensions Technical Trainer

Senior SIPP Administrator

Hybrid/London or Surrey

Pensions Client Manager

£in line with experience

£attractive

Hybrid/Hampshire or London

Offices Countrywide/flexible working

£excellent

Looking for an adept and intuitive Pensions professional with a background in client delivery. Ref: 81330 BC

Looking for a career that will give you plenty of opportunities to develop your pensions knowledge? Our client offers opportunities, support and rewards that will help you to achieve those goals. Ref:80647 BC

Excellent opportunity for a technically astute DC pensions specialist good regulatory knowledge of the Mastertrust world. Ref: 80617

Professional Trustee - Support

Senior Pensions Project Manager

Hybrid/London/Manchester/Scotland

£excellent

Pensions Administration Manager

Hybrid/Hampshire

£competitive

Excellent opportunity to work within a renowned Trustee firm, enhance and develop your career as a professional pension trustee. Ref: 81383 BC

Hybrid/Bristol 2/3 days per week

£competitive

Excellent Senior level role within the Administration function of a marketleading Consultancy. Ref: 81158 BC

Exceptional Financial services Project Manager needed to work leading financial services provider. Ref: 80307 JM

Assistant Pensions Manager, Governance

Associate Consultant

Senior Communications Consultant

Hybrid/London 2 days per week to £55000 per annum

Hybrid/London

Remote Working

Join this multi-award-winning pension services firm and work as part of the outsourced pensions management and scheme secretarial team. Ref:81382 NMJ

£competitive

£excellent

Fantastic opportunity to take your DB pensions knowledge forwards in this client-facing role, supporting in the delivery of secretariat, governance and consultancy services for both new and ongoing occupational pension schemes Ref: 81117 NMJ

Lead on delivery/strategic direction and use your experience and skillset to communicate pensions in a creative and inspiring way Ref: 73170 BC

Pensions Team Leader, Scheme Events

West Yorkshire or Surrey/flexible working to £45000 per annum

Are you a strong DB pensions professional with a flair for Annual Events?

Governance and Project Specialist

Pensions Technical Manager

Ensure a professional and high-quality service is provided across all project work within this well renowned industry leader. Ref: 81299 NMJ

Remote/Merseyside

Hybrid/Bedfordshire to £60000 pa

c.£55000 per annum

You will be responsible for technical aspects of the services provided by the company pensions schemes to its various customers Ref: 72733 JW

You will be responsible for making a high-quality contribution to the governance, compliance and risk management of the Group’s UK Pensions Plan, both DB and DC and lead key governance projects Ref:80727 JW

In-house Global Benefits Specialist - 3 days office, Midlands or London

Highly competitive salary & benefits

Call Dianne, quote reference: 15764

You will review, design and manage the benefits programmes in place across over fifty countries, seeking to understand whether current provisions meet both legislative requirements and support the total reward strategy, so that you can govern and develop the company offerings for the future. Your goal will be an harmonisation of benefits current and future, always ready for the next acquisition and benefits review.

Pension Technical & Compliance Specialist - 3 days London office

Above market average

Call Dianne, quote reference: 15767 Your role will be to undertake technical review work and provide advice, and provide Technical & Compliance Support across this very large In-house Pension Scheme Group's Pensions Department. From undertaking internal audits, and ensuring internal controls are created and followed to understanding codes of practice and scheme governance and making sure these are understood and being undertaken.

Client Relationship Manager - Flexible Working

£based on experience

Call Craig, quote reference: 15744 In this important role you will be a key part of the business for this growing and well -regarded third-party pension's administrator. Are you ready for this new challenge? As a Client Relationship Manager you will own and manage key relationships for a portfolio of clients, forming strong client relationships and valued solutions with the aim of developing and retaining existing clients.

Pensions Analysts - Flexible Working

£based on experience

Call Craig, quote reference: 15772

If you have a good background in DB Pensions administration and are seeking a fresh new challenge this could be the role you have been waiting for! Working closely with Project Managers, Business Analysts and Developers you will be asked to predominately work on client projects and therefore will have the opportunity on take on a varied range of duties and roles. A more senior role is also on offer for those with people management and leadership skills

Senior Pensions Administrators -

£35,000pa plus great benefits

Leeds/Surrey/Herts., twice a week in office

Call Tasha, quote reference: 15700

Excellent opportunities available at this large Consultancy where you will take on more advanced calculations and complex schemes and play an active role in mentoring and checking the work of the Pension Administrators. Extensive experience of occupational (DB & DC) pensions administration is essential. We are looking for strong administrators who are experienced in checking.

Implementation Project Manager Contractor - Flexible working

£day rate dependent on experience

Call Tasha, quote reference: 15770 Excellent contract for an experienced Project Manager, with knowledge of DB, DC and insured pension schemes. Combined experience of Trust and Insurance -based work would be ideal. Working across the Pensions Administration remit, including implementations, pensions dashboard, GMPE and de -risking. Inside IR35 - day rate paid via umbrella.

A place where you will

thrive

Barnett Waddingham is a place where talent thrives. Why join us?

• Generous benefits: 8% pension contribution, up to 30 days holiday, private medical cover.

• Work-life balance: Up to 50% fitness membership subsidy.

• Professional growth: Continuous learning among award-winning expertise.

• Inclusive culture: Rated one of the UK’s Top 100 Best Large Companies to work for.

With over 1,750 people across nine UK offices, we’re large enough to offer diverse opportunities while still valuing individual contributions.

Ready to shape the future of pensions while advancing your career?

Explore our Careers portal and discover your next move.