More than half (57 per cent) of savers expect companies in their pension to publish ethnicity pay gap information, according to PensionBee.

Examining the results of a recent customer survey, the provider stated that the current lack of transparency around ethnicity pay gaps has hidden large disparities for certain groups, with those of Pakistani, Bangladeshi, and Black ethnicities suffering the most disadvantage, according to data from the London School of Economics.

Support for ethnicity pay gap reporting was particularly prominent amongst female respondents, with almost three-quarters (72 per cent) of women being in favour of the move.

Additionally, PensionBee found that 60 per cent of savers expected the companies in their pensions to have diverse boards and senior management teams, again with around three-quarters (76 per cent) of women supporting the view.

However, the firm noted that there are currently zero Black senior board executives in FTSE 100 companies.

Two-thirds (66 per cent) of respondents also expected companies to have a level of diversity in their workforce that was representative of UK society.

PensionBee CEO and Race at PensionBee executive sponsor, Romi Savova, commented: “Our research shows that consumers expect companies to address disparities in outcomes for people of different ethnicities.

“Ethnic diversity reporting is rapidly coming up the regulatory agenda to supplement gender reporting in companies with more than 250 employees. At PensionBee we have already started reporting our progress internally.

“It is on us to create workplaces where everyone can thrive. We must build the kind of companies that consumers want to invest in, and the world that our customers expect to live in.”

In April, PensionBee became a signatory of the Race at Work Charter, which is an initiative to promote equality in UK businesses, while it has also joined the FinTech for All Charter, an industry-led initiative to promote diversity within the FinTech sector.

Share Story: