Cardiff and Vale pension fund still has £57m invested in fossil fuels despite divestment promise
The fund invests in companies like Royal Dutch Shell, BP, Anglo American and ExxonMobil
16:33, 28 FEB 2021
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Date: 27 May 2021
Scottish council pensions have been revealed to have more than £1.2 billion invested in fossil fuel companies – despite widespread declarations of a climate emergency. None of the 20 Scottish councils that have declared a climate emergency have taken action to end their investments in the coal, oil and gas firms chiefly responsible for driving this crisis, says a study by environmental groups. The pension schemes are overseen by councillors in 11 local authorities in Scotland. Strathclyde Pension Fund was the worst offender in Scotland after being found to have £508 million invested in companies such as Shell, BP and Chevron. This is despite Glasgow hosting the UN climate conference later this year and councillors in the city declaring a climate emergency in May 2019.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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Local councils that have declared a climate emergency are continuing to pour money into fossil fuels through their staff pension funds, analysis has shown. Nearly £10bn worth of investments in fossil fuels, including oil and gas companies such as BP and Shell, were found in local government pension funds in the last financial year, according to an assessment by the campaign groups Platform and Friends of the Earth. Councils in Greater.