Pensions - Articles - Majority of pensions fail to act on climate ahead of COP26


The majority of large UK pension schemes have failed to act on climate ahead of COP26 as 71 of 100 major schemes are yet to make robust net zero commitments according to research conducted by Make My Money Matter - a campaign established by acclaimed filmmaker and activist Richard Curtis.

 While progress has been made over the past 12 months – with an estimated £800 billion worth of UK pension money now in schemes working to tackle the climate crisis - there is still almost £2 trillion in UK pension schemes that are driving the climate emergency, risking the health of the planet and the health of investor returns.
 
 The contrast between Defined Benefit (DB) pension schemes, and DC workplace pensions is stark. While the majority of DB schemes are lagging behind, research from Make My Money Matter shows that sizeable DC workplace pension providers have embraced the ‘race to zero’, with almost all of the leading 15 making credible emissions reduction pledges.
 
 The findings reveal that, despite big movements from major players, the industry still has a long way to go ahead of COP26 in Glasgow. With increasing pressure on financial institutions to help tackle the climate crisis, and growing consumer demand for green pensions, Make My Money Matter calls on all schemes to commit to robust net zero targets and, given that voluntary action is not working quickly enough, for UK Government to make net zero mandatory for all schemes – forcing those who have yet to commit to act.
 
 You can find a full list of the schemes that Make My Money Matter found had yet to commit below and read more about our methodology here.
 
 Richard Curtis, Co-Founder at Make My Money Matter commented: “Over the past year, we’ve seen how powerful our pensions can be in tackling the climate crisis. With leading businesses committing to sustainable pensions, citizens using their pension power to green their investments, and robust net zero commitments from progressive pension providers, the movement to Make Our Money Matter is growing every day.
 
 "But this report highlights just how far we have to go. With almost three quarters of leading pensions schemes not yet aligned with the goals of the Paris agreement, we have to act with urgency to make sure that the trillions in our pensions help tackle the climate crisis, not fuel the fire. We need pensions to be proud of. Our report shows that voluntary action alone is not enough and that’s why we want the UK Government to make Net Zero mandatory for all schemes at COP26."

 "That way, we can be confident that all pensions, while looking after our money, also work towards protecting our planet. After all, what’s the point in collecting a pension in a world on fire?”
 
 Major schemes yet to make robust commitments on net zero:
 • Airways Pension Scheme (British Airways)
 • Associated British Foods Pension Scheme
 • AstraZeneca Pension Fund
 • BAA Pension Scheme (Heathrow Airport Holdings)
 • Babcock International Group, Devonport Royal Dockyard and Rosyth Royal Dockyard Pension Schemes
 • BAE Systems 2000 Pension Plan
 • BAE Systems Pension Scheme
 • Bank of England Pension Fund
 • BBC Pension Scheme
 • BMW Operations Pension Scheme
 • Boots Pension Scheme
 • BP Pension Fund
 • British American Tobacco Pension Fund
 • British Coal Staff Superannuation Scheme
 • British Steel Pension Scheme (Tata Steel)
 • Centrica Pension Schemes
 • Cheshire Pension Fund
 • Civil Aviation Authority (National Air Traffic Services Section)
 • Diageo Pension Scheme
 • E.ON Pension Scheme
 • East Riding Pension Fund
 • EDS Retirement Plan
 • Electricity Supply Pension Scheme
 • Essex Pension Fund
 • Exxon Mobil Pensions
 • Ford Salaried; Hourly Paid Contributory & Senior Staff Pension Funds
 • Fujitsu Defined Benefit Schemes
 • GE Pension Plan
 • GSK Pension Scheme
 • Hampshire Pension Fund
 • Hertfordshire County Council Pension Fund
 • IBM Pension Plan
 • ICI Pension Fund
 • Imperial Tobacco Pension Fund
 • Invensys Pension Scheme
 • ITV Pension Scheme
 • Jaguar Pension Plan
 • John Lewis Partnership Pensions Trust
 • Kent Pension Fund
 • Lancashire County Pension Fund
 • Land Rover Pension Scheme
 • Lothian Pension Fund
 • Marks & Spencer Pension Scheme
 • Mars Pension Plan
 • Mineworkers' Pension Scheme
 • Nationwide Pension Fund
 • Nestle Pension Fund
 • New Airways Pension Scheme (British Airways)
 • Nottinghamshire Pension Fund
 • RHM Schemes (Premier Foods)
 • Rolls-Royce Pension Schemes
 • Royal Mail Pensions Plan
 • RWE npower Group Defined Benefit Scheme
 • Sainsbury's Pension Scheme
 • Santander Pension Scheme
 • ScottishPower Pension Scheme
 • Shell Contributory Pension Fund
 • Siemens Benefits Scheme
 • Southern Electric and Scottish Hydro Electric Pension Schemes
 • Staffordshire County Council Pension Fund
 • Strathclyde Pension Fund
 • Sun Alliance Pension Scheme
 • The Cooperative Pension Scheme
 • The NatWest Group Pension Fund
 • The Northern Ireland Local Government Officers' Superannuation Committee
 • Tyne & Wear Pension Fund
 • United Utilities Pension Scheme
 • Universities Superannuation Scheme
 • Vodafone Group Pension Scheme
 • West Sussex County Council Pension Fund
 • Yorkshire and Clydesdale Bank Pension Scheme
  

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