Since Gender Pay Gap Regulations were introduced last year, pay and pay parity have remained very high on the agenda of boards and senior leadership teams across the financial services sector. This week saw a landmark pension ruling against Lloyds Banking Group who may now face a bill of up to £150m as calls are made for it to equalise its pension pay-outs between men and women.
The Lloyds case centres around three women bringing a case claiming sex discrimination on the grounds that their pensions increased at a lower rate than that of their male counterparts. In this case it was ruled that Lloyds were operating a practice that amounted to discrimination and have now been ordered to reimburse women at the same rate as their male colleagues.
This case serves as a timely reminder for employers in the financial services sector to consider a review of their pay practices and policies (including pension schemes) to ensure there are no potentially discriminatory rules, practices or criteria that adversely affect females.
For companies in the financial services sector, the next publishing date for Gender Pay Gap figures and supporting narrative is 4 April 2019. Employers could use this second publishing deadline as an opportunity to highlight good work and proactive efforts it has made in an attempt to close the gap.