The Society of Pension Professionals (SPP) has teamed up with Stonewall to publish a new paper calling for greater inclusion of LGBTQ+ people across the UK financial and business sector.
The collaboration, part of SPP’s Inclusive Futures series, highlights the persistent inequalities that continue to affect LGBTQ+ people despite decades of social and legal progress.
The report, with insights from Simon Blake (pictured), CEO of Stonewall, and Savannah Adeniyan, attorney at Travers Smith LLP and SPP member, sheds light on the inequalities that continue to shape financial security, workplace culture and representation at senior levels. It calls on pension insurance providers, employers and political decision-makers to translate diversity promises into measurable measures.
Blake warns that while the UK has made significant progress since the late 20th century, “a clear picture of inequality remains, reflected in financial inequality and an LGBTQ+ pensions gap.” He points to data from ILGA Europe which shows the UK has slipped from first to 22nd in European equality rankings over the last decade, reflecting a wider pattern of stagnation and regression.
The numbers are stark: two-thirds of LGBTQ+ youth have experienced discrimination based on their sexuality or gender identity, while the number of reported hate crimes has risen to nearly 28,000 incidents per year. In the workplace, more than half of LGBTQ+ employees say they have experienced harassment or bullying, and nearly a third say they feel unable to speak openly about their identity at work.
Blake argues that the pensions and financial services sectors have a critical role to play in closing these systemic gaps. He urges employers to learn from LGBTQ+ history and lived experiences, ensure program information and communications reflect diverse family structures, and make paperwork and policies truly inclusive. “This isn’t just about representation,” he writes. “It’s about dignity, justice and ensuring our future is built on equal foundations.”
Adeniyan’s piece, titled Visible, Open, Engaging, offers a personal reflection on her experiences as a queer Black woman in the legal industry. While she celebrates the progress that has made workplaces more inclusive, she acknowledges that barriers remain. “My queer identity has been embraced throughout my career in a way that I know many LGBT+ professionals have not experienced early in their careers,” she writes, recalling how early in her career she was advised to “go back into the closet” to gain a foothold in law.
Although this attitude is waning, Adeniyan says too many professionals still encounter “glass ceilings” or feel unable to speak openly about their identities for fear of damaging their careers. However, she remains optimistic and points out that real progress is being made in the legal and pensions sectors. “The right level of diversity and inclusion lies in actions, not words,” she concludes.
The paper makes a broader case for inclusion in economic and moral terms and argues that equality is not just a social goal but a strategic necessity for sustainable business. It calls for greater accountability in how organizations measure progress and challenges leaders to view inclusion as part of good governance and risk management.
Together, Stonewall and the SPP are calling on financial and professional services to move beyond statements of intent and make inclusion a lived reality – one in which every individual can plan, work and retire with confidence and pride.
