The Diversity, Equity & Inclusion paper features the thoughts of Tabitha Morton, Executive Director, UN Women UK and Sophia Singleton, President of the SPP. In the paper, Morton explains that, “Gender disparities in income and employment directly translate into inequalities in pension outcomes. Women are more likely to work part-time, take career breaks to provide unpaid care, and live longer - all of which reduce lifetime pension contributions. Addressing the gender pay gap through inclusive hiring, equitable career progression, and equal pay policies will, in turn, help close the gender pensions gap. This is not only fair - it’s financially prudent in an ageing society where more women than ever are retiring into poverty.”
Morton also makes a compelling argument for the role of the pensions industry from an investment perspective – “…the industry itself can play a transformative role by actively investing in gender-diverse businesses and using its financial influence to promote gender equality across the corporate landscape. Pension funds can adopt gender lens investing practices, advocate for board-level diversity in portfolio companies, and require ESG reporting that includes gender metrics…The pensions industry, with its long-term horizons and systemic reach, has both the responsibility and the ability to help shape a more equitable future.”
SPP President Sophia Singleton’s article, “From Dublin to DC” states that she was, fortunate to work for two supportive employers in the pensions industry (Aon and XPS) and so has, “…benefitted from brilliant sponsors as well as great managers, and mentors. I’ve never felt that my gender has disadvantaged me.” However, Singleton goes on to explain that she has “…seen some situations or behaviours that negatively impact women.”
Singleton concludes: “I believe DEI is about creating the right environment and support for everyone to succeed—whether that means ensuring diverse rooms where no one feels excluded, providing clear pathways for women returning to work, having flexible policies, understanding the impact that menopause can have on a woman’s sense of being or offering genuine sponsorship.”
The SPP “Inclusive Futures” paper on Gender can be read in full, for free, here:
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