On the go: The Reach Pension Plan has joined new action group Climate Impact Initiative, which aims to encourage pension providers to make climate-friendly impact investment options available for all savers regardless of plan size.
The initiative, launched by consultant Hymans Robertson, was created in response to the lack of clear access to climate-friendly options for defined contribution pension schemes.
Callum Stewart, senior investment consultant at Hymans Robertson, said: “There is so much more that the industry could be doing to help individual savers have more of an impact to address climate change relative to existing funds.”
Stewart is calling for pension plan trustees and governance committees to register their support for the campaign.
Other supporters of the action group include Make My Money Matter, Pensions for Purpose, and the Impact Investing Institute.
Paul Rhodes, member-nominated trustee for the Reach Pension Plan, commented: “I have found through researching a climate impact option for members of the Reach Pension Plan that small and medium-sized schemes could face high costs and a governance burden to create something on their own.
“By working together with trustees and governance committees of other pension plans, I would hope we can compel providers to create a climate impact investment for us all that would offer our members value for money and increased engagement to help produce better retirement outcomes,” he continued.
Further information on the initiative can be found on Hymans Robertson’s website.
This article originally appeared on MandateWire.com
