Lloyds Banking : Has lockdown made the pensions gender gap worse?

Has lockdown made the pensions gap worse?

'Yes, absolutely. Lockdown and the impact of the pandemic has set women and Black, Asian and Ethnic Minority groups back, in some ways undoing years of progress made towards equality. Women are more likely to work in sectors hardest hit by coronavirus, for example care work, retail and hospitality, often putting them at greater risk of redundancy.

In many cases it's women that are bearing the brunt of home-schooling, having to reduce their working hours or stop work altogether in order to look after and educate the kids whilst dad's work takes priority. Breaks in employment not only mean a halt to pensions savings, it also means gaps in National Insurance contributions which can impact eligibility for the state pension.'

Are we heading towards a pensions crisis for women?

'If we don't continue to lobby for change and continue to raise awareness of the gender pensions gap, then yes we are heading for a crisis. Alarmingly just 46% of women in their 20s are saving the recommended minimum of 12% of their monthly pay, compared to 56% of men of the same age. We need to support women to become more confident when it comes to their all their finances, not just pensions.

Lloyds Banking Group and Scottish Widows are very active in this space, with The M Word campaign and the Changing Futures campaign to help educate and support our customers. As part of International Women's Day we are offering a series of virtual events to colleagues, i.e. members of our Breakthrough and Family Matters networks, where we'll help colleagues better understand their own pension, their approach to savings, and even how to get their children involved in the conversation on money.'

Has the Group (and Scottish Widows) been encouraging women to keep saving into their pensions during the pandemic?

'We've been encouraging everyone that can afford it to continue to pay into their pension during the pandemic. We've created a dedicated hub covering many of the issues that impact women to provide guidance and support - you can learn more about that here.

For employers we've supported on the impact of the COVID-19 job retention scheme, created a dedicated redundancy hub as well as providing some materials through our 'Expert series' which covered the impact of the pandemic on people's pensions.'

The pandemic has shown that people can work remotely and flexibly - do you think that this new way of working will help close the gender gap that we see in senior roles in the finance industry?

'I think it will go some way to help as women will feel better equipped to juggle work and home commitments, and I have heard loads of stories where families are sharing the load much more evenly, which has been easier to do when nobody has a long commute. The fact we've proven that most roles can now be carried out remotely without extensive travel will make senior roles more appealing for many woman. It's not just about working flexibly though, we need to continue to support, nurture, and attract female talent.

Simple things like changing the way job adverts are worded can result in a much more diverse candidate list. Having inspiring role models at all levels and in all job types also removes the stereotypes and I hope inspires many women to put themselves forward for opportunities.'

Do you take advantage of the agile working policies that the Group has in place?

'I love being able to buy an extra 5 days holiday a year via Flex to allow me to spend more time with my family. My husband is retired and we like to spend a lot of our time over in Spain where the sunshine is guaranteed, unlike rainy Scotland.

Prior to the pandemic I'd spend most of the working week either in London or Edinburgh offices, and sometimes had Friday as a work from home day. I'm really proud of all the agile working options we have at the Group and advocate this in my own team. Making use of these policies provides the flexibility that can allow for better career options for all colleagues.

As leaders in Lloyds Banking Group it's our responsibility to support colleagues in trying out flexible work patterns, ensuring we get the balance right between the business demands and the colleague's personal needs.'