At 31 March 2018 the PPF’s median gender pay gap stood at 17.2 per cent, a drop of three percentage points from last year (20.4 per cent in 2017). The mean pay gap is 23.67 per cent (24.97 per cent in 2017); the organisation’s median bonus gap is 30.55 per cent (24.11 per cent in 2017) and the mean bonus gap is 59.12 per cent (64.26 per cent in 2017). This is the PPF’s second year of reporting.
Katherine Easter, Chief People Officer at the PPF commented, “While we are pleased to see some reduction in our gender pay gap, we are still a long way from where we want to be.
“This year’s results tell us that we must continue working hard to increase the pipeline of talented women in our organisation. Our gender pay gap is largely driven by the number of men in our investment team relative to women and the way specialist skills in that area are rewarded. The other main reason for the gap is that we don’t have enough women in senior roles. We’ve made progress on our target to have 40 per cent female senior leaders by 2021. We’re focusing on growing our own pipeline of talent to achieve this.”
The PPF prides itself on being an employer of choice for working parents, offering flexible working, enhanced maternity pay and shared parental leave. The organisation has recently increased its focus on diversity and inclusion, devising a strategy which encompasses a number of initiatives across recruitment, culture and talent development.
Andy McKinnon, Chief Financial Officer at the PPF added: “The current scale of the gender pay gap in financial services is a real issue. But while we can’t change the industry, we can be part of the solution. We are committed to tackling our gender pay gap because we believe it will improve our performance, as well as helping us to be an employer of choice.”
Under legislation introduced by the government last year companies employing more than 250 people are required to publish information about their gender pay and bonus gaps annually.
Notes to editors
The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions.
More than 130,000 people now receive compensation from the PPF and many more are expected to do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.