Women in pensions industry still losing out on pay

Women in the pensions industry are paid 15 per cent less than their male counterparts, according to research from the Pensions Management Institute.

Female pension professionals are earning on average £8,438 less than their male counterparts, bringing in an average £45,207 compared to £53, 645 for men.

One in five females surveyed are in part-time employment and they are more likely to cite work-life balance as an important motivator to seeking new employment, important to 63 per cent of women compared to 46 per cent of men.

PMI chief executive Vince Linnane says: “Our survey indicates that while females and males

are largely matched in terms of key determinants of salary such as average age, seniority, sector and so on, females are still more likely to be placing family commitments ahead of career progression and salary.

“Over the course of the past three decades the employee benefits industry has seen women rise to the top in pensions management, consultancy, administration, legal services, communications and investment amongst other career paths. These areas are fully represented by female FPMIs and APMIs where their numbers have risen by 13 per cent over the past ten years so that women now represent 42 per cent of the qualified PMI membership. Clearly, we would like to see the salary

differentials between men and women doing the same pensions jobs disappear altogether and we will monitor figures over the next few years to see if this gap closes further.”