On the go: Scheme members want more information about which companies their pensions are invested in, with 60 per cent calling for an active screening approach towards tobacco companies, according to new research.
In a survey published on Monday, pension provider PensionBee found savers are concerned about where and how their pension funds are being invested, with 80 per cent calling for a more transparent approach to pension investments.
Out of the 2,000 scheme members surveyed, 61 per cent said they want to see an active screening approach towards tobacco companies, with more than half (35 per cent) saying they would remove these companies from their investments. Three in five would also like providers to remove companies investing in banned weapons.
Almost two thirds of respondents want their provider to take a “consequence approach” when investing in oil companies, to see which businesses have the least damaging effect on the planet, with 15 per cent of savers likely to stop investing in these companies.
Sixty-five per cent of members also want providers to engage with the companies their funds are invested in, both privately and through public voting, but 12 per cent called for a straight removal of companies based on ethical concerns.
PensionBee’s research has suggested there is a growing gap between the views of pension savers and the default funds providers offer.
Clare Reilly, head of corporate development at PensionBee, said: “It’s critical we address the gulf between the views of modern savers and the pension options on offer. Our customers have made their voice clear: pension savers should benefit financially and socially from their investments.
“We do not want government reforms for environmental and social concerns to be reflected in pensions to become a tick-box exercise.”
This article originally appeared on ftadviser.com
