Throughout the week, Ambition A.M. will pass the pen (or keyboard) to those eager to share the unfiltered stories fuelling Britain’s entrepreneurial spirit.
This week, we present a sneak peek into Tracy Blackwell’s female leadership journey. Blackwell is the co-founder and chief executive of the Pension Insurance Corporation.
The Pension Insurance Corporation was founded in 2006 and is now responsible for the pensions of 350,000 people with £45bn of assets under management.
Eighteen years into the company’s journey, she tells us a little bit about how she helped make it happen.
Why did you start your business?
“After growing up fascinated by business, I worked in banking for almost a decade, where I met Danny Truell, who later ran the investment division of the Wellcome Trust, Britain’s biggest charity.
For various reasons, Danny saw that there was an enormous change coming in the duties of defined benefit pension fund trustees. I joined him, and PIC was started to provide solutions to issues my former pension fund clients had been facing.”
What is your biggest accomplishment (to date) as a female founder?
“The most rewarding part of my job has been seeing a company which we started from scratch being built into a FTSE 100 sized company.
We’re making a real difference to the lives of the 350,000 people whose pensions we secure, as well as those who benefit across the country from our £12bn investment in UK infrastructure, which creates real social value.”
What do you hope to achieve next?
“Many people find pensions boring, but when handled properly, these massive pools of savings have enormous potential to benefit the UK, which is what the political debate over the past few years has been all about.
The flows out of DB schemes and into insurers like PIC will have the potential to change the face of the country over the next decade. This is an amazing opportunity for the country.”
What is the biggest challenge you’ve faced?
“I do not come from privilege, and I had to work hard to put myself through university and succeed in this industry. I have been fortunate in my mentors and supporters.
However, over my 30 years of experience in Financial Services, I have seen good and bad cultures and behaviours.
The challenges I faced as a woman on the trading floor made me more determined to create the right environment. As a result, we have shaped an engaging and welcoming culture at PIC, focused on our purpose.”
How do you define success?
“That’s a good question. For me it now comes down to leading an organisation that is a driving force in the UK economy with so much opportunity for growth before us.
But at the same time one which is focused on bridging the gap between the financial services industry – vital for our economy – and society.”