19.03.2026
Today we’ve published our Diversity pay gap report 2025, outlining our gender, ethnicity, and disability and long-term health condition pay gaps.
We report on all of these pay gaps as part of our commitment to being an inclusive employer.
The report highlights our progress, narrowing our gender pay gap and improving representation in senior roles, alongside mixed movements in ethnicity and disability pay gaps.
Our gender pay gaps and female representation have improved
Our mean and median gender pay gaps decreased in 2025 compared with 2024. The mean gap fell to 16.7 per cent, and the median gap to 14.8 per cent over the year.
These changes reflect shifts in workforce composition, including more women joining higher paid roles and more men entering at lower pay levels. Our overall gender pay gap continues to be influenced by a higher proportion of men in the most highly paid roles, particularly in Investment, a pattern that reflects wider industry trends.
During the reporting year, female representation in senior management reached 54 per cent in August 2025, surpassing our 50 per cent target ahead of schedule.
Our ethnicity pay gap increased while our ethnic minority representation has improved
The median ethnicity pay gap rose from 10.0 per cent to 12.1 per cent in 2025, and the mean gap increased to 8.1 per cent. This movement reflects, in part, higher ethnic minority representation in the lower pay quartiles, even as representation in middle and upper pay groups has improved.
Ethnic minority representation across the organisation reached 28 per cent in March 2025. At senior manager level, representation increased from 17 per cent to 21 per cent.
Our disability and long-term health condition pay gaps increased while bonus pay gap fell
This is the fourth year we have reported on our disability and long-term health condition pay gaps. Both the median and mean disability pay gaps increased slightly in 2025, while the mean bonus gap fell to its lowest level since reporting began.
In the reporting year, a higher proportion of employees identifying as having a disability or long-term health condition received a bonus compared with employees who did not identify in this way. 22 per cent of employees report having a disability or long-term health condition.
Our Acting Chief Executive, Richard Beaven, said, "Publishing our diversity pay gap data each year helps us measure progress and understand where further focus is needed. The continued narrowing of our gender pay gap and the growth in female representation at senior levels is encouraging. At the same time, changes in ethnicity and disability pay gaps show there is more work to do.
“We remain committed to ensuring that we have access to the widest pool of talent, ensuring that our organisation reflects our community, and building an inclusive workplace where everyone can thrive.”
Find out how we're further embedding equity within our organisation and supporting more aspects of our employees identities in our DEI strategy.
