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<p>The DWP has regular discussions with the Secretary of State for Housing, Communities
and Local Government. However, much like with trustees of occupational pension schemes,
the local pension committees of the individual Local Government Pension Funds are
responsible for their own investment decisions.</p><p> </p><p>As I said during the
Westminster Hall debate regarding Pension Funds: Financial and Ethical Investments
on the 22 May 2019:</p><p> </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>
</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>
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