The Pension Schemes Bill is a core aspect of the government’s ongoing pensions reform, which could help improve pensions for everyone, including those most at risk of inadequate savings at retirement like women, racialised people, and people from working-class and other lower socio-economic backgrounds. However, the Bill does not currently tackle the biggest threat to our security and prosperity in retirement: the impacts of climate change. UK pensions invest £88 billion in fossil fuels, causing the equivalent of 80% of the annual emissions of the entire country through fossil fuel funding alone. This puts both our planet and pension savings at risk while making working life harder for everyone, regardless of their job role or sector.
But if it prioritises sustainability, through the phase-out of fossil fuel investments in pensions, the Pension Schemes Bill has the potential to make the entire UK pensions system fairer, greener, and better for everyone. Please join us in calling on your MP to support fossil fuel divestment as part of the UK’s pensions reform. We can’t retire in a world on fire!