Oral Answers to Questions

Jerome Mayhew Excerpts

Monday 27th January 2020 Commons Chamber

The Secretary of State was asked—

[Jerome Mayhew (Broadland) (Con)]

1. What steps she is taking to work with pension funds to encourage them to make investment decisions that help tackle climate change.

[Ruth Edwards (Rushcliffe) (Con)]

3. What steps she is taking to work with pension funds to encourage them to make investment decisions that help tackle climate change.

[The Parliamentary Under-Secretary of State for Work and Pensions (Guy Opperman)]

With over £1.6 trillion in assets, UK occupational pension schemes have a significant role to play in supporting the Government’s commitment to net zero by 2050. Our environmental, social and governance regulations, introduced by this Conservative Government in October 2019, mean that schemes are now required to disclose their policy on climate change. In March, we intend to publish game-changing guidance on climate-related financial disclosure. I have written to the 50 largest schemes in the country to urge them to act on their investment duties and to tackle climate risk.

[Jerome Mayhew]

I welcome the progress that has been made on pension funds addressing climate change and ask the Minister to meet me concerning a constituent who is unable to access her pension fund without paying in excess of £2,000 in fees for independent financial advice —money she does not have until she accesses her fund.