Mental Health in Pensions: The Conversation We Need to Have

by Sarah Brennan, Member of Diversity in Pensions, NextGen Pensions and Trustee Director at Dalriada Trustees

• Burnout hides behind professionalism – pension experts are trained to project confidence and control, which can make struggling in silence feel like the “professional” thing to do.
• Wellbeing and DEI are the same conversation – underrepresented colleagues, carers and neurodivergent staff often carry invisible extra pressure; silence on mental health quietly undermines inclusion efforts.
• It’s a governance issue, not just an HR one – trustee boards and project teams make better decisions when people feel safe to challenge, question and admit uncertainty.
• Small culture shifts beat big campaigns – asking “what can move?” instead of “can you do more?”, realistic deadlines and proportionate prep and adjustments do more for wellbeing than an annual awareness week.

As pension professionals, we spend our working lives helping others achieve financial security and peace of mind. Yet when it comes to our own wellbeing, I sometimes wonder whether we give it the same level of attention.

Mental health is not often a headline topic in the pensions industry. We are much more likely to discuss funding levels, investment strategy, governance or regulatory developments than stress, burnout or wellbeing. That is understandable. Ours is an industry built on professionalism, expertise and responsibility. But perhaps that is also why mental health can be overlooked.

The reality is that many of us work in environments where pressure is constant and the sense of responsibility and accountability is high– decision making, balancing multiple clients, projects and deadlines, supporting members through significant life events, from retirement to ill health and bereavement.

Our industry is full of talented, dedicated and highly experienced professionals. But these attributes do not make someone immune to poor mental health.

The link between mental health, inclusion and good governance

Mental health is also closely linked to diversity, equity and inclusion, something our industry has rightly focused on in recent years.

Improving diversity is not simply about attracting people from different backgrounds. It is about creating an environment where people feel able to contribute, belong and thrive. Different individuals experience workplace pressures differently. Colleagues from underrepresented groups may feel additional pressure to prove themselves. Those with caring responsibilities may be balancing demanding workloads alongside responsibilities outside work. Neurodivergent colleagues or those managing health conditions may face challenges that are not immediately visible.

When mental health is not openly discussed, these pressures can become harder to manage. People may feel they need to conceal their struggles, avoid asking for support or work harder to meet perceived expectations. Over time, this can affect confidence, wellbeing and retention.

That matters because diverse teams perform best when people feel psychologically safe. We can bring different perspectives into the room, but if people do not feel comfortable speaking up, challenging ideas or admitting when they need support, we are unlikely to realise the full benefits of diversity.

Building healthier teams

This is why I believe we need more open conversations about wellbeing across our industry.

When people feel comfortable discussing challenges and asking for support, everyone benefits. Teams become more collaborative. Issues are identified earlier. Workloads can be managed more effectively. Most importantly, people are less likely to feel isolated.

This is not just a wellbeing issue. It is also a governance issue.

Good governance relies on clear thinking, constructive challenge and effective decision-making. Trustee boards and project teams are stronger when people feel able to contribute openly and honestly. In my experience, the best decisions are rarely made by individuals who feel they must have all the answers. They are made by teams that trust one another enough to ask questions, share concerns and learn from different perspectives.

So what can we do?

For firms, it starts with culture and, importantly, psychological safety. Wellbeing should be part of everyday conversations, not something discussed only during awareness campaigns. Leaders play an important role, but modelling healthy behaviours needs to be more than encouraging people to take breaks or saying that wellbeing matters. It means paying attention to the signals sent through day-to-day actions: how deadlines are set, how workloads are prioritised, whether people feel able to challenge unrealistic expectations, and whether urgent requests are genuinely urgent. Take notice of your teams behaviour, whether it has changed, whether team members have become withdrawn or disengaged – behaviours that are not ‘normal’ can be a telling sign someone needs help.

It is difficult to create a healthy culture if, in one breath, we tell people to protect their wellbeing and, in the next, ask for updates on five competing urgent projects.

Management can help by being clear about priorities, giving permission to pause or re-sequence work where needed, checking whether deadlines are realistic, and being open about their own boundaries. Small behaviours — such as not rewarding constant availability, avoiding unnecessary out-of-hours emails, and asking “what can move?” rather than “can you do more?” — can make a real difference.

For trustee boards, it is worth considering wellbeing alongside other governance risks. Are expectations realistic? Are meeting schedules manageable? Are papers proportionate and circulated with enough time for proper review? Are all voices being heard, including those who may be less comfortable speaking up? Small changes can make a significant difference.

For individuals, perhaps the most important lesson is that asking for help is not a weakness. It is a sign of self-awareness. The strongest professionals are not those who never struggle, but those who recognise when support is needed – and are not afraid to ask for it.