ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, including a new sustainable multi-asset profile from Standard Life, a £1bn sustainable global equities fund from LGPS Central, and an anti-scams pledge from the Universities Superannuation Scheme.
87,000 master trust members switched to sustainable profile
Standard Life has successfully switched 87,000 master trust members over to its new default solution, the Sustainable Multi Asset Universal Strategic Lifestyle Profile. The move is the first phase of Standard Life’s plans to switch customers to sustainable default solutions, with £15bn slated to move throughout 2022. The Sustainable Multi-Asset Universal SLP, which is now the company’s automatic default for both new and existing members of its master trust defined contribution section, has accrued more than £1bn in assets following the switch.
LGPS Central launches Global Sustainable Equities Active Fund
LGPS Central, which manages the pooled assets of eight Midlands-based Local Government Pension Scheme funds, has announced a new £1bn Global Sustainable Equities Active Fund with four of its local authority partners. Its aim is to combine a mix of managers to invest in sustainable businesses. The Cheshire, Nottinghamshire, Shropshire and Worcestershire funds are involved at launch, and the fund’s three thematic sub-funds will be managed by Mirova, Liontrust and Baillie Gifford respectively.
USS adopts TPR’s scams pledge
The Universities Superannuation Scheme has signed up to the Pensions Regulator’s pledge to adopt industry best practice in preventing scams. The voluntary pledge sees signatories promise to protect (and act in) members’ best interests in tackling potential scams. The USS said it had considered making the pledge as far back as 2020, but opted to wait until changes to transfers legislation were passed in 2021 in case they changed the requirements around self-certification.
