PensionBee reports 2% median hourly pay gap

Online pension provider PensionBee has reported a 2% median hourly pay gap and a 0% median bonus pay gap in its most recent gender pay gap report.

According to the provider, which has an employee base of 138, these gaps are in line with its 0% target, with a variance of +/- 5% due to the overall size of its workforce. In 2020, its median hourly pay gap was 4% and its median bonus pay gap was 0%.

PensionBee has reported on its pay gap for the second year in a row as part of its commitment to wage equality and in recognition of the fact that where a pay gap exists for women, a pension gap will follow.

It is a member of the Women in Finance Charter, which seeks to achieve gender balance at all levels across financial services firms, and also recognises non-binary identities, incorporating this into its regular measurement of and action on diversity and inclusion.

The organisation stated that it has achieved complete gender parity at a business-wide level and actively recruits women into traditionally male-dominated positions. One of its main focuses is promoting women who have the potential to reach the management team, as gender balanced teams create better products and services for consumers.

Romi Savova, CEO of PensionBee, commented that she often finds that the gender pay gap is almost exclusively framed as an issue women should be solving themselves, but that placing the burden on the recipient of the problem is neither effective nor fair.

She added: “At PensionBee, we passionately believe that men and women should be paid equally for equal work and have found from our own research that this is the only effective solution to eradicate the gender pension gap once and for all.

“That’s why we have committed to voluntarily tracking these figures as early as possible, so if necessary, changes are easier to make. I’m immensely proud of the level of diversity we’ve achieved in the company so far and I have no doubt there’s a direct correlation to our low gender pay gap.”