In this section

Thank you to our people

It’s a true testament to our people that we’ve continued to deliver on our objectives and maintain our service to customers and levy payers amid difficult circumstances. We’d like to acknowledge their hard work here.


“The pandemic has affected everyone who works for us. Whether it’s starting early or working late to fit work around childcare or the increase in calls from bereaved families while themselves suffering bereavement, people have delivered. The commitment, resilience and good humour everyone has shown during these testing times has been remarkable.”

Katherine Easter · Chief People Officer

Accountability for senior managers

We demonstrate our culture from the top down, which includes reflecting best practice in the financial services industry.
Publishing our own version of the SMCR is an important part of this. This system designed by the FCA is used by regulated financial organisations to define their responsibilities and hold people accountable to them.
Along with our ongoing monitoring of this regime, we’ve successfully run further fitness and propriety checks on our employees this year so we know we’re aligned with industry best practice.



Expanding our ICARE values


An important aspect of the SMCR is setting a minimum standard of behaviour for people working in financial services.
As part of our commitment to good governance, we’ve continued to reflect the FCA Conduct Rules in our ICARE values and behaviour framework through a dedicated training programme.


Although our values are already aligned with these rules, we’ve been using them to drive our behaviours in tangible ways, such as putting processes in place so we can collaborate well together.
It’s vital that everyone working in the organisation understands the importance of their conduct so we’ve held workshops with our senior leaders, which will be rolled out more widely alongside our appraisal process.


FCA Conduct RulesOur ICARE values

Rule 1
You must act with integrity.

Rule 2
You must act with due skill, care and diligence. 

Rule 3
You must be open and cooperative with the FCA, the PRA and other regulators.

Rule 4
You must pay due regard to the interests of customers and treat them fairly.

Rule 5
You must observe proper standards of market conduct.

Doing the right thing.

Working as one.

Owning our actions and their outcomes.

Valuing every voice.

Being our best.

How we’re improving diversity

How we’re improving diversity

We’re actively building a diverse and inclusive workplace, where everyone feels able to be themselves and valued for their differences.

One of the most important ways we’re taking action is by recruiting people from under-represented groups, including into more junior roles, so we can nurture our own talent. 

Although it will take time before we see the results of this in changing the makeup of our organisation at a senior level, it will make a big difference in the long term. 

We still have a way to go, but we’re encouraged by the fact that our employees have recognised our efforts, with 88 per cent saying we encourage all aspects of diversity, up from 81 per cent in 2020. We’re especially pleased with the improvement in this figure among under-represented groups. 

I believe the importance of diversity cannot be overstated because not only does strength lie in our differences, but also diversity guides us in reaching the best outcomes for our members.

Stephen Adeolu, Investment Analyst

Being a Disability Confident Leader

Being a Disability Confident Leader

In October 2020 we became accredited as a Disability Confident Leader – the third and highest level of the Government’s Disability Confident scheme.

To encourage other organisations, we’re keen to share our experience in attracting, recruiting and developing opportunities for people with disabilities and other health conditions. 

In January 2021, we hosted a webinar with Work With Me, a community of businesses committed to becoming more inclusive of disabled people. 

We’re an active participant of Croydon’s Disability Confident Action Group, of which our HR Director, Sue Hall is vice chair; and the Diversity Project’s disability workstream, which helps to share improvements for the workplace. 

Our actions

More women in senior financial roles

Back in February 2018, as part of the Women in Finance Charter, we committed to improving gender balance across all levels. Our goal was to have 40 per cent female representation in senior positions by December 2021. 

We met that goal by October 2019, and by August 2020, we’d surpassed it, with 42.4 per cent of senior posts held by women. 

We now have a new goal of achieving 45 per cent by 2023 with the longer-term aim of achieving gender parity.


Miriam Kimber, Managing Counsel

Transparency around pay

In March 2021 we published our diversity pay gap report to further demonstrate our commitment to equality. We voluntarily reported our ethnicity pay gap figures for the first time, alongside our gender pay gap. Making this commitment to addressing our ethnicity pay gap is the first step to improving our position. 

We’ve set targets for ethnicity representation – particularly in senior level roles – and we’re holding ourselves accountable to them. We’re also monitoring our progress against externally recognised standards, including the Race at Work Charter.

Making a difference in our community


Despite the constraints of social distancing and lockdowns, it has been another successful year for our Corporate Social Responsibility (CSR) programme. 

For 2020/21 our people chose to support the Alzheimer’s Society as our organisational charity of choice. This charity is close to the hearts of many within our organisation and our membership. 

With someone in the UK developing dementia every three minutes, the work of the Society in funding research to find a cure and supporting people living with dementia has never been more vital.

We’ve held a variety of virtual fundraising events, and a number of our people have made donations towards our fundraising target. 

We’ve continued to support our local community in other ways too. We provided IT equipment for some of our own employees who were homeschooling their children and provided laptops for St Mary’s High School students, with which we continue to work closely.


“Under very different and difficult circumstances, we’re delighted to report that we’ve had a successful year of fundraising for our staff-nominated charity, the Alzheimer’s Society.

“We have supported our community to aid homeschooling and run a comprehensive internal communications programme to raise awareness about the effects of dementia, the work of the charity we are supporting, and how our efforts to fundraise can really help those affected by the disease.”

Katrina Carney · CSR Lead

Alzheimer's society logo

Awards and recognition 2020/21

We’re proud to have been honoured with several awards this year that demonstrate our care for members and our pride in our work.


Awards and recognition 2020/21
The Queen's Birthday Honours List 2020
Services to pensioners - Sara Protheroe
Professional Pensions Women in Pensions Awards 2020
Change Excellence of the Year - Lucy Ogan (Winner)
Pensions Age Awards 2020
Pensions Administration Award (Winner)
Investments and Pensions Europe (IPE) Awards 2020
Fixed income and European Pension Fund of the Year (Highly Commended)
Investments and Pensions Europe (IPE) Awards 2020
Commitment to Diversity (Winner)
Recruitment Industry Disability Initiative (RIDI) Awards 2020
Best Candidate Experience (Highly Commended)


Strategic priority

Clear value for money

Clear value for money