PensionBee hits 0% gender pay gap

PensionBee, one of the leading online pension providers, has slashed its median hourly gender pay gap to 0 per cent across the company.

Despite having 144 employees and not being legally required to report its gender pay gap — companies are only required to report if they have 250 or more employees — PensionBee annually reports publicly on female representation in the company and on its gender pay gap.

There is currently on average a gender pension gap of 38 per cent in the UK, with the gap widening to almost 60 per cent in some parts of the country.

Believing that gender balance across management will in turn reduce the UK’s gender pay and pension gaps, PensionBee saw 52 per cent female and minority gender representation across employees.

Its 0 per cent gap builds on last year’s 1.6 per cent gap. Meanwhile, its competitors are still far behind.

Smart Pensions, which saw a median hourly pay gap of 36 per cent last year, has marginally improved to a still high 30 per cent gap this year.

Hargreaves Lansdown has also seen marginal improvements, moving from 15.7 per cent to 13.6 per cent.

However, both have seen their mean hourly pay difference go in the opposite direction — Smart’s has increased from 25 to 30 per cent and Hargreaves Lansdown’s has increased from 4.9 to 7.7 per cent.

Smart has also seen its median bonus gap go from 7 per cent to 34 per cent, while Hargreaves Lansdown’s has got marginally better but still sits at 32.6 per cent.

“The need to save for retirement through an efficient and scalable platform has never been greater, especially as we grapple with a cost of living crisis,” PensionBee CEO Romi Savova said.

“Our resilient business model, leading customer proposition, household brand status, committed and dynamic team and robust capital position, will see us uniquely positioned to continue to grow at pace, navigating any challenges that the year ahead might bring.”

Alongside wiping out its gender pay gap, PensionBee had a big year for growth, with total invested customers reaching 183,000 by the end of last year, assets under administration surpassing £3bn and revenue growing by 38 per cent.