PPF publishes its 2025 Diversity Pay Gap Report

The Pension Protection Fund (PPF) has today published its 2025 Diversity Pay Gap Report, outlining the latest data on gender, ethnicity and disability and long-term health condition (LTHC) pay gaps.  

The report, covering the PPF’s 20th year in operation, demonstrates its progress narrowing its gender pay gap and improving representation in senior roles, alongside mixed movements in ethnicity and disability pay gaps. 

Highlights include: 

• Gender pay gap narrowed over the year, while female representation in senior management exceeded the 50 per cent target. 
• Ethnic minority representation increased at senior levels from 17 per cent to 21 per cent, and the mean ethnicity bonus gap narrowed. 
• Disability bonus gap reached its lowest level since reporting began in 2022, falling from 41.4 per cent to 38.8 per cent, while median disability pay gap rose to 1.4 per cent 

Commenting on the 2025 report, Richard Beaven, Acting Chief Executive, 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.” 

This report follows the PPF’s publication last year of its Diversity, Equity and Inclusion (DEI) Strategy for 2025-28. This reaffirmed the PPF’s commitment to being an inclusive employer and set out its ambition to go further embedding equity across all areas of the organisation and introducing social mobility and LGBTQ+ inclusion as new focus areas.  

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Notes for editors 

Below are further details of the data in the PPF’s 2025 Diversity Pay Gap report:  

Gender pay gap and representation 

The PPF’s 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 men joining at lower pay levels. The PPF notes that its overall gender pay gap is influenced by a higher share of men in the most highly paid roles, particularly in investment - a pattern that reflects broader industry trends. 

In the reporting year, the median gender bonus gap improved slightly, while the mean bonus gap remained stable. The PPF also reports that female representation in senior management reached 54 per cent in August 2025, surpassing its target of 50 per cent ahead of schedule. 

Ethnicity pay gap and representation

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. The organisation attributes this in part to higher ethnic minority representation in lower pay quartiles, even as representation in mid and upper pay groups improved. 

Ethnic minority representation across the organisation was 28 per cent at March 2025. At senior manager level, representation increased from 17 per cent to 21 per cent. 

Disability and long-term health condition pay gaps

This is the fourth year the PPF has reported on its disability and LTHC 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 LTHC received a bonus compared with those without such identification. Twenty-two per cent of employees report having a disability or long-term health condition. 

The PPF goes beyond statutory requirements by reporting on our ethnicity pay gap, and our disability and long-term health condition pay gap, too. The organisation remains a Disability Confident Leader and continues to work with external partners to support disability inclusion in recruitment and workplace practices.

For further press information contact: 

PPF Press Office 
020 8406 2107 
[email protected] 
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