(top row left to right) Aegon director of DC clients and head of master trust Antonia Balaam; Isio partner Karen Parker; Legal & General head of master trust and IGC Kim Brown; (bottom row left to right) Zedra Inside Pensions managing director Manjinder Basi; Hymans Robertson head of pensions Catherine McFadyen; and Pensions and Lifetime Savings Association director of policy and advocacy Zoe Alexander
Professional Pensions talks to women about their careers, experience of the pensions industry, and advice for women looking to join the sector.
Aegon head of master trust and DC clients director Antonia Balaam
Balaam has almost three decades' experience, having started out as an actuarial consultant, now leading Aegon's client relationship teams which look after workplace pension schemes.
Balaam says of her experience in the industry she "wasn't always conscious of it being a male dominated industry, early on all I saw was equal numbers of men and women in the office".
"It took a while to realise there was quite a difference in their pay grades!"
However, as she progressed in her career, she noticed being "one of very few women in the room", adding in hindsight there were "few female role models starting out", although in recent years this has shifted.
She adds: "I have worked with some fantastic people (men and women) including some very strong female role models in the last few years, who have really helped me to lose my imposter syndrome and grow into this leadership role. Being able to pay that forward by becoming a positive role model and mentoring other women in Aegon is the biggest highlight for me."
For other women looking to join or progress in the industry, Balaam advises knowledge of "unique skillsets" or experiences they can bring is important, and to "know your worth".
"Be open to opportunities, even if you aren't too sure – go for it! Having a support network in place is also really important – look at what networks your organisation has, whether that is women, pride, young people etc and also think about getting a mentor. But most of all, be confident."
Isio actuarial and consulting partner Karen Parker
Parker joined Deloitte as a graduate in 2003, qualifying as an actuary four years later, eventually progressing to partner in Isio's actuarial and consulting business, in addition to partner sponsor for the firm's Women's Network. In her current role she advises sponsors and trustees on defined benefit (DB) pension strategies.
Parker says her experience of the industry has been "dynamic" with the opportunity to work on varied "exciting and complex projects", adding she has enjoyed seeing the landscape of pensions funding changing, and the industry evolving.
"Some of the highlights include designing and implementing innovative asset-backed funding structures, advising on high-profile M&A transactions with critical pension issues, and leading benefit-change projects involving complex member consultations."
Building "strong, trusted relationships" with clients and advisers and a "collaborative ‘one team' approach" has also been rewarding, while Parker also takes pride in "coaching and mentoring colleagues, and seeing them grow and advance in their careers".
She tells women new to the industry not to be afraid and to "step out of your comfort zone".
"It can be daunting, but it's where you learn to grow the most. Build a strong network of people who will celebrate your success, support you through challenges and lift you up when needed.
"Embrace change, as it is inevitable and often brings new opportunities. Most importantly, support other women, lifting each other up strengthens us all."
Zedra Inside Pensions managing director Manjinder Basi
Basi joined the industry as a pensions lawyer with Reed Smith, before joining Inside Pensions as a senior trustee executive. After the business was acquired by Zedra in 2021, she was promoted to director of trustee executive services, and last year was appointed managing director.
Basi says she appreciates being able to work with her "amazing" team, clients and advisers, highlighting the "strong collaboration and mutual support" among the firm, which has navigated a "challenging pensions landscape".
In addition, Basi likes "being part of the decision-making process", especially seeing the outcomes benefit members, which is "rewarding and fulfilling", adding she has been "fortunate to have an amazing mentor" who has encouraged her to "reach my potential".
Basi advises new joiners to "take every opportunity that comes your way, and challenge – you never know where it will take you", while maintaining a focus on career goals, and being willing to "step outside of your comfort zone" will enable them to "flourish".
"Never worry about not knowing all of the answers, that is why we work in teams and support each other. Reach out to women in senior positions and seek mentorship. But most importantly, enjoy your successes and stay true to your beliefs."
L&G head of mastertrust and IGC Kim Brown
In her role as head of master trust and independent governance committee at Legal & General (L&G), Brown says she supports independent boards with their responsibilities and working with colleagues on propositions and delivering for members. In addition, she sits on the board of the judicial pension scheme and volunteers as chair of the Pensions Equity Group.
Brown says having been one of many to have "fallen" into pensions, her experience overall of the industry is "incredibly positive", and she has found it "far more fascinating than I'd realised – I've never left".
Brown has enjoyed the "breadth" of her role, which has included working on DB and defined contribution (DC) schemes in the public and private sectors – adding a key highlight was leading on The Pensions Regulator's (TPR's) master trust authorisation process. While a "difficult" process for both TPR and the industry, this has had an "undeniable" impact, with members set to be "better off" from the consolidation and improved governance.
"I've also loved, as I've matured in the industry, the opportunities to develop others through managing teams and partnering with mentoring programmes run by organisations like NextGen and 10,000 black interns. Latterly, I've really been enjoying supporting L&G's market leading efforts to engage members in pensions, filming podcasts, TikToks and speaking live to thousands of members as part of our annual member forum."
Brown says women at the start of their careers should "be proactive and create your own opportunities", having been "an early mover from DB to DC" who has sought "difficult" jobs which would provide development and new experiences – adding approaching people you admire is a great way to gain more support.
In addition, volunteering can be rewarding and a great way to develop and "build your network", while seeking out organisations that "align with your beliefs" is also important.
"Working at L&G with so many senior positive female role models and equity, diversity and inclusion at the heart of all we do is very inspiring so I'd encourage young women entering the workplace to consider potential career progression and company culture when reviewing job opportunities."
Hymans Robertson head of pensions Catherine McFadyen
McFadyen has 20 years' experience as a Local Government Pension Scheme (LGPS) fund actuary, and before joining Hymans in 2003 worked as a management consultant, developing several software package implementations for clients, including a funeral director business.
In her current role, which includes working with several large LGPS funds, McFadyen oversees the pensions market business covering public and private actuarial, investment DB, third-party administration and DC consulting, in addition to sitting on the firm's management board.
McFadyen enjoys the "sense of purpose" her role brings, adding ensuring people's standard of living in retirement is "a worthwhile goal", with pensions policy having a large impact "across all stakeholder groups" including members, industry, employers, and government.
"I also enjoy the intellectual challenge and the variety in it. So many really smart people work in this industry and work on administration challenges, actuarial solutions, through to investment of such significant sums of money and making sure we get that right," McFadyen says, adding she enjoys the "forward looking" aspect of the job.
Among her top tips for women in the industry, McFadyen says reading widely and trying to "understand the whole pensions picture" is a good aim.
"If you are involved in investment, find out about administration – read ombudsman findings. Having a wide perspective definitely helps!"
In addition, network-building and developing industry connections "right from the start of your career", including those in junior levels in all organisations, will definitely help, as some of those "will be your industry peers as you progress".
Finally, saying ‘yes' to "as many opportunities and learning experiences as you can" will also help boost career development, McFadyen says.
PLSA director of policy and advocacy Zoe Alexander
Alexander has had varied experience across the industry, including at the civil service, where she led on the team that set up Pension Wise, as well as her role as private secretary for pensions to the secretary of state. Following this, she was director of strategy and corporate affairs at Nest and now leads on the Pensions and Lifetime Savings Association's (PLSA's) strategy and policy initiatives.
Alexander says of her first post in the civil service, that she had aimed for a position in "health or education" and was initially "devastated" with her placement. However, this turned out to be the right outcome, as she got to experience the Pensions Commission, adding there was "so much energy and excitement in Department for Work and Pensions", and that she "realised what a critical part of social policy pensions are… from then on, I was hooked".
"It's an incredible industry to work in, with so many talented and committed people. However, there are still times when you can walk into rooms, for meetings and events, where it will feel like you're outnumbered by older men. This has got better over the years but not nearly fast enough."
However, women looking to join the sector should "not let that put you off", with Alexander speaking highly of her time at the PLSA, where she benefits from working with, and learning from, peers from "right across the industry".
"No two days are the same. One day, I might be meeting with ministers; the next, I could be deep in a consultation response. I love the variety and the challenge of trying to help make the pension system work better for savers."
Alexander also praises the advancement of senior women who are "doing so well in the industry" and advises those looking to join or develop their careers to "keep an eye on them" and "learn from their journeys".
Mentorship, and asking for guidance, are also great ways to gain industry knowledge, while building "a strong network", maintaining curiosity and investing in professional development are all things she would encourage.
"Pensions is a dynamic field with so many opportunities, and perseverance pays off," Alexander says. "Find your confidence, speak up, share your ideas, and embrace challenges. The industry needs diverse perspectives, and your voice matters. Stick with it, and you'll find a rewarding and fulfilling career path ahead!"
