NGOs Call for UK Sustainable Pensions Reforms  

High levels of public concern have been raised in the UK over retirement insecurity caused by climate change and inadequate pension savings, according to joint research from ShareAction, Make My Money Matter and Finance Innovation Lab. Two thirds (65%) of survey respondents said the government should do more to ensure UK pensions tackled the climate crisis. On the basis of these findings, the trio of responsible investment groups launched a new pensions reform strategy: ‘Better pensions for all and a sustainable, productive, economy’, aimed at preventing a national crisis in UK pensions. Proposals in the strategy include ensuring that default pension options focus on long-term investments and phasing out fossil fuel investments with science-based 1.5°C-aligned transition plans, mandatory deforestation due diligence, and supporting trustees to better integrate climate and nature risks. “Our pensions exist to protect our futures, but right now they’re jeopardising them,” said Tony Burdon, CEO of Make My Money Matter. “Today, just 4% of our pension assets are invested in climate solutions – but it’s estimated that the UK pensions industry could invest up to £1.2 trillion by 2035. This new data shows that the public want[s] change. We are calling on all political parties to put our pension reform agenda at the heart of their manifestos ahead of the upcoming election, and ensure action is prioritised in the first term of the next parliament.” 

 

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