LGBTQ+ people continue to face workplace inequalities, including in financial wellbeing and pension outcomes, despite significant social and legal progress in recent decades, according to a report from the Society of Pension Professionals (SPP) and Stonewall.

The report, Diversity, Equity & Inclusion: LGBTQ+, explored the lived experiences of LGBTQ+ individuals in the UK and the implications for inclusion within the pensions industry.

Stonewall chief executive, Simon Blake, warned that, while equality laws had improved, social and economic disparities remained stark.

He noted that the UK had fallen from first to 22nd place in ILGA Europe’s equality rankings over the past decade, reflecting both widening global standards and a “wider picture of inequality and prejudice”.

Echoing this, Office for National Statistics data showed around 28,000 LGBTQ+ hate crimes were reported in 2023/24, and research cited by the report found that fewer than half of LGBTQ+ people felt confident holding their partner’s hand in public.

Blake said that, despite progress, inequality “flows through to financial inequality and a LGBTQ+ pensions gap”.

He called on the pensions industry to play its part by fostering inclusive communication and practical change.

“Be curious - learn about the history and lives of LGBTQ+ people,” he urged.

“Reflect the diversity of our lives in your scheme information, and make sure the paperwork is inclusive and enables us to reflect our identities and family structures.”

The report also highlighted the impact of discrimination in the workplace, with a 2024 TUC study showing that over half of LGBTQ+ employees had experienced bullying or harassment in the past five years, while 29 per cent were not open about their identity at work.

Such experiences, the paper suggested, have long-term effects on confidence, career progression and ultimately retirement security.

Indeed, a study earlier this year found that the LGBTQ+ community was "crying out" for retirement guidance, advice, and support, revealing that while the vast majority (93 per cent) would seek advice for retirement, nearly a third would be unsure who to trust.

In a personal reflection included in this latest publication, Travers Smith solicitor and SPP member, Savannah Adeniyan, discussed her experiences as a queer black woman in the legal profession, describing both progress and persistent barriers to inclusion.

“While attitudes towards LGBTQ+ people have improved so much in the UK, the unfortunate reality is that there are still far too many workplaces in which people are not able to be open and out for fear of a genuine risk to their careers,” she warned.

“The proper measure of diversity and inclusion is in actions, not words.”

However, Adeniyan praised the growing focus within the pensions industry on meaningful change through initiatives such as O:Pen, the LGBTQ+ pensions network, and welcomed firms that were “actively addressing the barriers that many LGBTQ+ lawyers still face”.

The SPP said it hoped the paper would encourage greater understanding of how inclusion and representation intersect with financial planning and pension provision, and would support its members in embedding equity and diversity across the sector.

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