Pension schemes are joining forces to ensure they can
contribute to a more sustainable society, as Britain builds back
better, fairer and greener.
The schemes have formed the Occupational Pensions Stewardship
Council - which had its inaugural meeting today, and will provide
a platform for sharing best practice and research, giving support
to pension schemes wanting to take part in more thoughtful
investment.
Stewardship activities which pension schemes may be able to play
a more influential role in include shareholder resolutions,
climate change and corporate governance.
Crucially, membership of the Council will support such schemes to
understand the immediate ways that stewardship facilitates both
sustainable financial returns, and better short, medium and
long-term outcomes for hard-working pension savers.
Minister for Pensions, said:
The Occupational Pensions Stewardship Council will improve
pension schemes’ and asset managers’ stewardship and
engagement, helping companies ensure they are fit for purpose
in the 21st Century.
It seems to me that the role of pension schemes, trustees and
asset managers over the next five to ten years will be utterly
vital in the passage of this country, and the entire world, to
net zero.
The Council has been set up by the Department for Work and
Pensions following recommendations made in the Treasury-led
Investing with Purpose report, that a “dedicated council of UK
pension schemes should be established to promote and facilitate
high standards of stewardship of pension assets.
So far, 28 pension schemes – responsible for more than £550
billion of assets – have already signed up.
It is also aimed at occupational pension schemes and Local
Government Pension Scheme (LGPS) pools looking to build a greater
understanding of stewardship practices.
Council members will set the annual work plan and make decisions
together, and will be supported by an engagement group comprised
of Council members and key stakeholders.
Council member list:
- BAE Systems Pension Scheme
- BBC Pension Trust Ltd
- Border to Coast Pensions Partnership
- Brunel Pension Partnership
- BT Pension Scheme
- Church of England Funded Pension Scheme
- Creative Pension Trust
- Crystal
- Cushon Master Trust
- HSBC Bank Pension Trust (UK) Limited
- LGPS Central
- London Pensions Fund Authority (LPFA)
- Lothian Pension Fund
- Nationwide Pension Fund (Nationwide section)
- NatWest Group Pension Fund
- NEST Corporation
- Northern Ireland Local Government Officers’ Superannuation
Committee (NILGOSC)
- NOW: Pensions
- RPMI Railpen
- Reed Elsevier Pension Scheme
- Scottish Widows
- Superannuation Arrangements of the University of London
(SAUL)
- The Co-operative Pension Scheme (PACE)
- Shell (Royal Dutch Shell) Contributory Pension Fund
- Smart Pension
- Tesco Plc Pension Scheme
- TPT
- Universities Superannuation Scheme (USS)
