Over half the country want their pensions to go green. Now is the time for the UK’s largest schemes to respond. 

Since Make My Money Matter launched our campaign to green the UK’s pension industry, we’ve seen huge progress in aligning our pensions to net zero. After just 18 months, £1 trillion of UK pension money is now in schemes committed to robust net zero, with a halving of emissions before 2030.  

This includes major DC providers such as Scottish Widows and Aviva, large corporate DB schemes such as BT and Tesco, as well as some of the biggest local government pension schemes. Overall, this means that up to 40 million pension pots are now doing more to tackle the climate crisis, all while protecting savers’ interests. 

These shifts have been delivered on the back of a dramatic increase in public awareness of the power of our pensions. Our message has reached over 22 million people, we’ve seen an 85% growth in savers who understand the link between their money and the climate crisis, and 16 million savers now say they will find a more sustainable pension in the next 12 months. 

While meaningful progress has been made, many leading UK pension schemes – accounting for £1.7 trillion in assets under management – have failed to set robust net zero goals for their portfolios. Such inaction is bad for people, bad for the planet, and goes against the expectations of pension members. 

That’s why this week we’ve written to the UK’s largest pension schemes that have not yet made robust net zero commitments to ask them to step up and join this movement.  

In aligning their portfolios to net zero, leading providers can – in the words of Secretary of State for Work and Pensions Thérèse Coffey – ensure that “our pensions become a superpower that delivers prosperity for people and the planet in our race to net zero”. 

2021 saw important progress on greening our financial industry, with COP26 in Glasgow demonstrating unequivocally the crucial role of private finance in tackling the climate crisis.  

Pension funds must not get left behind in this transition; and so now is the time for all remaining schemes who are yet to commit to robust net zero to set ambitious climate targets.  In doing so, they can take advantage of what both Mark Carney and Larry Fink refer to as the greatest economic opportunity of our lifetimes. 

The climate emergency demands urgent action now. That‘s why this year we will be monitoring the progress of all schemes who have not set robust net zero goals, and shining a light on those who have failed to act.  

Because after all, who wants to retire into a world on fire? 

UK pension schemes we wrote to:

Airways Pension Scheme (British Airways) 

Associated British Foods Pension Scheme 

AstraZeneca Pension Fund 

AXA Group Pension Scheme 

BAA Pension Scheme (Heathrow Airport Holdings) 

Babcock International Group, Devonport Royal Dockyard and Rosyth Royal Dockyard Pension Schemes 

BAE Systems Pension Scheme 

Bank of England Pension Fund 

BMW Operations Pension Scheme 

Boots Pension Scheme 

BP Pension Fund 

British American Tobacco Pension Fund 

British Coal Staff Superannuation Scheme 

British Steel Pension Scheme 

Centrica Pension Schemes 

Civil Aviation Authority 

Co-operative Group Pension Scheme 

Diageo Pension Scheme 

E.ON Pension Scheme 

East Riding Pension Fund 

EDS Retirement Plan 

Electricity Supply Pension Scheme 

Essex Pension Fund 

Exxon Mobil Pensions 

Ford Salaried; Hourly Paid Contributory & Senior Staff Pension Funds 

Fujitsu Defined Benefit Schemes 

GE Pension Plan 

GSK Pension Scheme 

Hampshire Pension Fund 

Hertfordshire County Council Pension Fund 

IBM Pension Plan 

ICI Pension Fund 

Imperial Tobacco Pension Fund 

Invensys Pension Scheme 

ITV Pension Scheme 

Jaguar Pension Plan 

John Lewis Partnership Pensions Trust 

Kent Pension Fund 

Lancashire County Pension Fund 

Land Rover Pension Scheme 

Lothian Pension Fund 

Marks & Spencer Pension Scheme  

Mars Pension Plan 

Mineworkers’ Pension Scheme 

MMC Pension Fund 

Nationwide Pension Fund 

NatWest Group Pension Fund 

Nestle Pension Fund 

New Airways Pension Scheme (British Airways) 

Northern Ireland Local Government Officers’ Superannuation Committee 

Nottinghamshire Pension Fund 

Prudential Defined Benefit Scheme 

RHM Schemes (Premier Foods) 

Rolls-Royce Pension Schemes 

Royal Mail Pensions Plan 

RWE npower Group Defined Benefit Scheme 

Sainsbury’s Pension Scheme 

SAL Pension Scheme 

Santander Pension Scheme 

ScottishPower Pension Scheme 

Shell Contributory Pension Fund 

Siemens Benefits Scheme 

Southern Electric and Scottish Hydro Electric (SSE) Pension Schemes  

Staffordshire County Council Pension Fund 

Strathclyde Pension Fund 

Tyne & Wear Pension Fund 

United Utilities Pension Scheme 

Universities Superannuation Scheme 

Vodafone Group Pension Scheme 

West Sussex County Council Pension Fund 

Yorkshire and Clydesdale Bank Pension Scheme 

Zurich Financial Services Pension Scheme