Blog: Double standards?

I had been planning to write a blog about the gender pensions gap this week, expressing my frustration over the lack of progress in this area, and how it has been seemingly slipping down the agenda for many in the pensions industry.

But the recent news around the Chancellor, Rachel Reeves, has shifted the conversation on women in the financial services this week, as whether you like it or not, the fact that the Chancellor was tearing up during PMQs plays off very differently given the fact that she is the UK's first female Chancellor.

Reeves isn't alone in having had a bad day at work, and let's be honest - this one was a really bad day at work - but as many have already pointed out, she isn't afforded the privacy that others get.

The government has since emphasised that Reeves was upset about "a personal matter", something I'm sure we've all had to deal with at work at times.

But when your version of client meeting is being streamed for the whole world to watch, sneaking into a toilet cubicle or hiding out in an empty meeting room when the world gets to be a bit too much simply isn't an option.

Instead, she has made front page news, with significant movements in the pound and questions raised over the future of Labour, as well as many, much worse, things being said in some corners of the internet.

Much of this is, of course, politically motivated. But gender roles are clearly at play too.

And this is perhaps unsurprising, as women sadly still face challenges and discrimination, particularly in the financial services industry.

Like other sectors, the pensions industry has made some real strides in promoting equal gender representation on boards and events.

But whilst many in the pensions industry like to pretend otherwise, we are all aware that, despite progress, the pensions industry also has times when it is not the best version of itself.

Old habits die hard, and locker room talk lives on during private conversations at industry events.

And it is not just in the workforce that women have to fight twice as hard to get the same level of outcome, as this can be seen even amongst pension savers.

Indeed, numerous industry surveys have shown that whilst women are actually often found to be outpacing men in terms of pension participation, the gender pensions gap persists.

This is in part due to slow progress on pension issues, such as auto-enrolment reforms, but it is also because of wider societal issues, such as the gender pay gap and carer inequalities.

Politics aside, many in the pensions industry may be pleased to hear that the Prime Minister, Keir Starmer, has since confirmed that Reeves will be in her role for "a very long time to come", if not only to have some sense of stability.

After all, the government is already on its second Pensions Minister since the election, and some permanence is much needed, particularly ahead of the Mansion House speech later this month, and the absolute avalanche of pension reforms that are set to be rolled out over the next five years.

But I think a more important takeaway from the interaction between Starmer and Reeves is the fact that it reportedly took the Prime Minister some time to notice that Reeves was indeed upset.

Many will interpret this fact differently depending on where they sit on the political spectrum - but I think the honest answer is that we've all had days when we were oblivious to the emotions and state of those around us.

The pensions industry is very accustomed to being there for members, with lots of best practice guidance on dealing with vulnerable customers, or those who have gone through a beareavement.

I'm not convinced that the industry is as good as it could be at turning that support inwards.

Sometimes work can be a much-needed distraction, but it can also offer a much-needed connection for many. And whilst we know that pensions are an undervalued workplace benefit, so can the mental health support of a good team.

So give some grace to those who struggle to hold back their emotions at times, and reach out to those who may be doing too good of a job at hiding theirs.

Sometimes we all need someone else to help us cover up the fact that we are not on top form, whether its opting out from leading a trustee meeting to avoid the crack in your voice from showing, or simply switching an in-person meeting to a Teams call.

Making allowances to help others in the workplace, regardless of gender, is crucial. At the end of the day, the pensions industry, like all workplaces, is made up of people - who will sometimes need support.



Share Story:

Recent Stories


A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

Advertisement Advertisement Advertisement