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1130008
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
unstar this property answering dept sort name Work and Pensions more like this
star this property hansard heading Pensions more like this
star this property house id 1 more like this
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25259
unstar this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Work and Pensions, what steps the Government is taking to encourage the pension industry to (a) divest pension funds from carbon-intensive industries and fossil fuels and (b) adopt the recommendations of The Task Force on Climate-related Financial Disclosures in their reporting structures. more like this
star this property tabling member constituency Dulwich and West Norwood remove filter
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Helen Hayes more like this
star this property uin 260693 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-12more like thismore than 2019-06-12
star this property answer text <p>The Governments wants to support trustees in making responsible investment decisions. However, it does not seek to direct pension schemes to invest or divest in any particular way.</p><p>We recognise that climate change is a key national and international issue and we have made sure that pension schemes understand their role responding to its effects. In September 2018, following extensive consultation with the pensions industry, this Government laid regulations to clarify that trustees should be taking account of the financial risks of climate change when developing their investment strategies. The regulations come into force from October this year. The FCA are consulting on corresponding provisions for workplace personal pension schemes. As the Minister for Pensions and Financial Inclusion I have spoken extensively about the new requirements and the Government expectations of pension schemes, including at the Westminster Hall debate regarding Pension Funds: Financial and Ethical Investments on the 22 May 2019:</p><p>“For too long there has been a perception by too many trustees -I am happy to clarify this as a Government Minister- that the environmental practices of the firms they invest in are purely ethical concerns, which they do not need to worry about: that is utterly wrong. Aside from the ethical considerations, there are real financial risks resulting from climate change. With the long-term horizons of pension investing, trustees must now consider that when they set out their investment strategies. Trustees who do not consider those matters will be breaching their statutory and potentially their fiduciary duties not only to current but future members.”</p><p>The full debate can be viewed here:</p><p><a href="https://hansard.parliament.uk/commons/2019-05-22/debates/D3194408-7581-4635-AEDC-6D22AD6F0EBC/PensionFundsFinancialAndEthicalInvestments" target="_blank">https://hansard.parliament.uk/commons/2019-05-22/debates/D3194408-7581-4635-AEDC-6D22AD6F0EBC/PensionFundsFinancialAndEthicalInvestments</a></p><p> </p>
star this property answering member constituency Hexham more like this
star this property answering member printed Guy Opperman more like this
star this property grouped question UIN 260692 more like this
star this property question first answered
remove filter
star this property answering member
4142
star this property label Biography information for Guy Opperman more like this
star this property tabling member
4510
star this property label Biography information for Helen Hayes more like this