PMI Crest
PMI
The pensions industry must step up support for LGBT+ equality as firms awaken from coronavirus
5 February 2021

The pensions industry must step up support for LGBT+ equality as firms awaken from coronavirus

There can be no doubt that the pensions industry is behind on Lesbian, Gay, Bisexual and Transgender (LGBT+) inclusion in comparison to other sectors. There is no representation in Stonewall’s top 100 workplace index, banter is the number one concern for LGBT+ individuals and many simply choose not to be ‘out’ at work.

A handful of firms have tried to improve LGBT+ inclusion by setting up an employee network and this is regarded by the industry as a litmus test. Whilst networks provide a safe place for colleagues to come together, they often act as a barrier to inclusion because they are insular and fail to connect with others. The impact is, ironically, more isolation than effectiveness.

Another key challenge has been that the industry has been fixated on gender and diversity efforts have been focused on improving conditions for talented women. The result is that the pensions industry has fallen behind in other areas of diversity and failed to position itself as a sector of choice for LGBT+ talent, clients and investors. It is fair to say that things need to improve.

The future progress of the LGBT+ agenda lies in energising the support of influential role models and allies who have the power and privilege to lead and take action. LGBT Great has grown into a global effort of more than fifty firms which exists to engage senior executive allies and steer towards greater LGBT+ inclusion. The programme works by providing actionable insights, visibility and outreach initiatives and by advocating for the positives that a culture of LGBT+ equality can yield.

When we launched in November 2017 the starting point was bleak. A study completed by the Diversity Project and Mercer revealed that 3 per cent of the industry’s workforce identified as LGBT+ despite global estimates being approximately 1 in 10. Our own study revealed that only half of the workforce knew if their firm provided LGBT+ supportive policies. 92 per cent said that visible allies at executive level were important to them but that only 10 per cent of firms provided this.

Despite this backdrop, LGBT Great has worked to turn this adversity into future opportunity through constructive conversation. Our flagship initiative, Project 1000, is a five-year drive to find and shine a light on one thousand LGBT+ and supportive ally role models. This has now attracted the support of over 2000 industry employees and over 500 industry role models from a wide range of investment houses, asset owners, consultancies, pension firms and trade bodies. In 2021, we are intensifying our push across the pensions industry and we would love to obtain your support.

We are delighted to be collaborating with the Pensions Management Institute and look forward to working together in 2021 and beyond. Together, we are seeking the support of pension providers, regulators, funds, and employees working to step forward as supporters for LGBT+ inclusion by signing up to become a Project 1000 role model. In return, LGBT Great will profile you on our website and offer access to our online webinar series throughout the year. We reply to everybody and you can sign up to show your support here.

Notes/Sources

This article was featured in Pensions Aspects magazine February 2021 edition

back to Pensions Aspects Magazine

Last update: 5 February 2021

Matt Cameron
Matt Cameron
LGBT Great
Global Managing Director

Pensions Client Relationship Manager – Home/ Office based

Salary: £50000 - £55000 pa

Location: London, Liverpool, Glasgow, Edinburgh, West Sussex, Exeter, Manchester

Client Success Director

Salary: £65000 - £80000 pa

Location: London

Pensions Technician

Salary: £26000 - £30000 pa

Location: County Durham

You may also like:

Pensions Aspects June 2021
07 June 2021

Pensions Aspects June 2021

The PMI has two significant events this year. Firstly, it is our 45th birthday operation and, secondly, we are reaching the end of the five year plan we developed in 2017.

Read more
Turning the tide on pension scams
07 June 2021

Turning the tide on pension scams

These uncertain times are often seen as a window of opportunity for scammers looking to prey on vulnerable individuals. A report by Action Fraud found that pension scams had become one of the most common types of fraud to occur last year. The pensions industry is facing pressure to do more to prevent this situation, but what role can trustees play?

Read more