Stonewall and SPP unite to tackle LGBTQ+ inclusion gaps in business, finance and pensions

A new report from the Society of Pension Professionals (SPP), released in partnership with Stonewall, highlights significant and ongoing barriers facing LGBTQ+ employees across the UK’s financial and business sectors, despite decades of progress and widespread corporate commitments to diversity.

Part of SPP’s Inclusive Futures series, the report points to a widening disconnect between organisational intent and lived experience. While many companies now promote inclusive values, the data shows that inequality remains deeply embedded. Stonewall Chief Executive Simon Blake notes that the UK has slipped dramatically in ILGA Europe’s equality rankings, falling from first place to 22nd over the past decade – "a signal," he says, of “persistent social, health and economic disparities” affecting LGBTQ+ communities.

The report cites troubling statistics. Two-thirds of LGBTQ+ young people have faced discrimination; nearly 28,000 hate crimes are reported each year; and more than half of LGBTQ+ employees experience bullying or harassment in the workplace. Almost one in three feels unable to be open about their identity at work – an issue that disproportionately affects financial and professional services, where cultural and structural barriers remain entrenched.

Blake argues that these barriers contribute directly to a pronounced pensions and financial-wellbeing gap, urging employers to modernise policies, reflect diverse family structures in communications, and learn from LGBTQ+ histories. “This isn’t just about representation,” he shared. “It’s about dignity, fairness, and ensuring our futures are built on equal foundations.”

Reflecting on the findings, Savannah Adeniyan, Solicitor at Travers Smith LLP and member of the SPP, said:

“I know many LGBT+ people who have encountered ‘glass ceilings’ in their workspace. While I can completely be myself at my current firm, the unfortunate reality is that there are still far too many workspaces in which people are not able to be open and out for fear of a genuine risk to their careers.”

Adeniyan, who works in the legal sector, emphasises that progress is real, but uneven. Although Adeniyan remains optimistic about shifting norms in law and pensions, she stresses that genuine inclusion requires more than corporate messaging. “True inclusion is measured by action,” noted Adeniyan, highlighting the need for firms to back commitments with practical, accountable change.

For the pensions and financial-services industries – sectors already grappling with talent shortages, demographic shifts, and regulatory scrutiny – the findings carry economic implications as well as moral ones. The report urges leaders to build inclusive systems that support LGBTQ+ employees throughout their careers and into retirement, warning that failure to do so risks undermining workforce stability and long-term financial outcomes.

Stonewall and the SPP call on employers, providers and industry bodies to move beyond symbolic efforts and adopt measurable, sustained inclusion strategies. Their shared message is clear: workplaces that support LGBTQ+ people don’t just advance equality, they strengthen organisational resilience, customer trust and long-term financial security.

Download the full report here.