Just like recognising the importance of diversity in gender, race and disability, understanding the socio-economic make-up of our sector is crucial for identifying opportunities for growth, and promoting equality.

And that’s why this latest report seeks to shine a light on the vital role of social mobility and how it intersects with DEI. By examining the impact of education, employment opportunities and systemic barriers, our aim is to highlight the challenges and opportunities of fostering a more inclusive environment.

A clear message coming through from the study was that even small changes and efforts to be more consciously aware of social economic factors on a daily basis could go a long way to helping the pensions industry become a more inclusive and thriving environment for us all.

We at NextGen stand ready to support the industry on this journey. So, whether you’re one of our wonderful members or an employer in the pensions industry, we’d love it if you engaged with the themes and recommendations set out within this report and reached out if you would like our help in actioning them.

Enjoy the read!

Angela Sharma

Hello! I’m Angela – Chair of NextGen’s Training Sub-Committee, whose mission is to design focussed and impactful training to support pension professionals from all kinds of backgrounds in their careers and personal development.

I am looking for keen and enthusiastic people to join me on the Sub-Committee to bounce around ideas and drive forward initiatives that will truly enhance the careers of all the wonderful people in the pensions industry.

What does being a Sub-Committee member entail?
We need people with the time, resources and energy to get things done.

This is a unique chance to work with talented individuals who are passionate about promoting NextGen’s aims, be it through training and other teams we work closely with such as events and mentoring.

If you like puzzles, then you might like the idea that our current project is featured around jigsaws..!

Ask your boss, because you’ll need a bit of time for this
How much time our volunteers devote to NextGen is completely up to them, but getting involved does need a bit of time.

At the moment, because we are working on specific time sensitive projects we are meeting every fortnight for half an hour, but generally speaking we would be meeting (usually online) once a month, with a couple of hours of ‘things to do’ between meetings. The meetings are usually during work hours, so do check that’s going to be OK at work.

Most employers are really supportive and understand the value of getting involved with NextGen. It might be nice to able to switch off to something else for a couple of hours anyway!

Want to learn more?
If you’d like to get involved then I’d love to hear from you. Send me an email with:

• the basics about you (e.g. what is your current role and how long have you been in the industry?)
• why you want to get involved and why you are passionate about training
• what you feel you would be able to bring to the training sub-co over the next 12 months that will help drive the change we are looking to make
• and what you want to know from me/us.

In doing so, you’ll be taking the first steps towards making great contacts, developing your skills and proving to the industry what you can do. And you’ll be helping to grow the next generation in the pensions industry.

James Craven, NextGen member

Every year, the picturesque city of Edinburgh hosts the highlight of the pension fund investing calendar. With nearly 14 years supporting the industry, I’ve always enjoyed in following the event’s happenings online – immersing myself in the lively LinkedIn discussions, digesting video snippets of engaging talks, and relishing the stories shared by industry contacts in the weeks that follow.

But this year, this year was different. I’ve been a fan of the fabulous folk at NextGen Pensions for some time and as a firm member of the DC generation, I’m acutely aware that the majority of my peer group aren’t saving enough to retire. We’re the YOLO generation that seems to forget that the idiom cuts both ways and while the industry is rightfully focussed on consolidation, navigating uncertain markets and ESG, the DC savers retirement timebomb ticks away in the background. NextGen exists to encourage new thinking, new ideas and new leaders in the sector and that’s incredibly important if we’re to cut the right coloured wire.

One Thursday afternoon, an unexpected email landed in my inbox: NextGen had a limited number of spare tickets available, with entry requiring nothing more than a written request. With a cautious optimism and a hint of excitement (embracing the Del Boy mantra that’s always served me well) I penned my application. The following day, they wrote back and…result! I’d been selected. Bags packed and off I went.

For those embarking on their maiden voyage to the PLSA Investment Conference, what can you expect?

Size and Scale: Prepare to be greeted by the grandeur of the conference! As a newcomer I was pleasantly surprised by the number of stands, the frequency of the talks and seminars and the ample games/sweets/competitions/giraffes to draw you over to the various exhibitors. The atmosphere brims with enthusiasm and opportunity, offering ample chances for networking and learning.

Representation Across the Industry: The conference presents a broad selection of people from all corners of the pensions world. From influential CEOs to diligent trustees and the indispensable service providers (admin, asset management, advice etc.), attendees converge to exchange ideas and insights. While progress toward improving DEIB in the industry is ongoing, walking around the conference hall, the strides made in recent years are evident.

Everyone is Welcome: For those that don’t know me, I run a recruitment firm called IGA Talent. That means that half of my job plays out in plain view (helping companies find great people) and the other half happens in private (helping great people find new companies). Regardless, the conference is an extremely welcoming place and I found people to be very generous with their time. There is no shortage of interesting people to talk with, who are happy to accommodate all perspectives, knowledge levels and backgrounds.

The Passion is Palpable: Amidst the complex challenges facing the pensions industry, from structural reforms to sustainability considerations, a shared passion for delivering positive outcomes for members prevails. Collaboration and innovation are not merely buzzwords but tangible forces driving progress, even among competitors.

People Have a Lot of Fun: Don’t rush to leave when the clock strikes six—the conference transitions into an evening of informal networking. Discussions spill over into Edinburgh’s charming bars and eateries, and it’s great fun!

In summary, the premier event of pension fund investing offers not only a platform for industry discourse but also a vibrant celebration of collaboration, inclusivity, and shared dedication. It’s a very important event that has a clear role to play in continuing to secure the financial future of the UK in both the DB and post DB environments.

Ellie Rowe, Senior Associate at Independent Governance Group

In the heart of 2023, against the backdrop of a century’s journey, I had the privilege of stepping into the world of pensions and lifetime savings at the Pensions and Lifetime Savings Association’s (PLSA) Annual Conference. As the PLSA celebrated its 100^th year, this conference felt like more than an event; it was a time capsule of knowledge, innovation, and connection, echoing the past while guiding us toward a future of financial security and retirement dreams. Join me on this immersive journey as we delve into my inaugural experience at the PLSA Annual Conference, where exhibitions sparkled, fireside chats ignited insights, and plenary talks painted a vision of financial stability. Buckle up; we’re about to embark on a memorable odyssey through the realm of pensions and lifelong financial well-being.

Use of technology and AI
Full disclosure – I didn’t write the first paragraph above. ChatGPT did. One of the key themes running through the conference this year, regarding the future of the industry, was the use of technology, in particular AI. We were encouraged to try and understand AI more – many of us had heard of and seen ChatGPT used, but few had ever tried to use it. So, I have now tried it. After giving it a few bullet points about the conference (ChatGPT knowledge is limited to information available up to September 2021), the AI technology provided me with a full review of the event, and the opening paragraph above is a copy of what it provided. The language it used is creative and it paints a vivid picture, which isn’t far from being accurate, although “exhibitions sparkled” might be a bit much!

Linked to the theme of ‘use of technology’, the opening plenary talk this year, by Professor Noreena Hertz, included a reference to “Generation K”. Those born within the years 1997 – 2007, and the common traits they have. I, along with I’m sure other NextGen members, am a member of this Generation K. Professor Hertz talked about how we came of age with the iPhone and spend an average of 8 hours a day on our phones; how we grew up in the shadow of the 2008 financial crash and were heavily impacted by the 2020 Covid crisis, including the economic impact; and how we had always been aware of existential threats with shootings, terrorism, wars and Climate events heightening fears during our lifetime.

Generation K
The “K” stands for Katniss Everdeen, reflecting the dystopian, harsh society that we may perceive of the world. Generation K was thought to be more anxious, more aware of global issues, and more likely to be financially cautious or prudent, believing that we will be poorer than our parents were before us.

Professor Hertz posited that the pensions industry needs to rise to meet the challenge of meeting this generation where they are at – namely Instagram, TikTok, and even the Metaverse. This thought was discussed by many at the social events during the conference and there were differing views raised. For example, if this is the generation that struggles to connect in person, does ‘meeting them where they are at’ perpetuate the problem rather than help to support the generation where 8 in 10 people feel lonely?

Development and opportunities for learning
From my interactions with others at the conference, I think I can safely say that I was one of very few people from Generation K present at the conference this year. Those who I spoke to, lamented that there used to be far more younger people attending, and that these conferences were how people got to know others in the industry and develop their careers. I would like to thank the PLSA and NextGen for providing me with the opportunity to attend the conference free of charge. Perhaps with NextGen continuing to create partnerships with influential organisations like the PLSA we will continue to see the number of young people attending the conference grow.

The PLSA conference was highly informative, and would certainly support younger pensions professionals in the industry in their development. The talks were interesting and relevant, always looking at the current activities and work still to be done, as well as the more aspirational future plans in the industry. The exhibition was busy and full of different people to talk to. There were games to play, good food provided, and freebies to receive, but mostly, the exhibition provides value to the attendees by offering opportunity to directly discuss any questions you have from the talks you have heard or from your work in general.

Social events
The social events were also very helpful for these kind of conversations, as well as to have more general getting-to-know-you chats with suppliers and Trustees and others in the industry.

The PLSA conference dinner on Wednesday night was a great example of this, with lots of opportunity to talk to the people on your table. There was no seating plan, so attending alone meant I had a random selection of people choosing to join my table. We had great conversations and lovely food throughout the evening.

The after-dinner speaker was Dominic Sandbrook, British historian, author, columnist and television presenter, known to me through his podcast ‘The Rest is History’. He was very entertaining and gave lots of examples of similarities between the world we live in today, and what life was like back in 1923 when the first PLSA conference took place – he compared the Spanish Flu in 1912 with Covid-19, and commented on Manchester United’s poor performance in the Premier League then and now!

Let’s all go!
Ultimately, the PLSA conference might seem daunting, especially attending on your own, but it can be well worth it, especially if you can prepare some thoughts in advance on what you want to get out of it, people you might want to chat to, and how you will manage to get enough sleep with three full days of talks and social events in the evenings! I would encourage younger people in the industry to go as soon as they have the opportunity, especially to get Generation K in the room, where we are being talked about!