Smart Pension partners with MMMM to commit to net zero
Pardon the Interruption
This article is just an example of the content available to mallowstreet members.
On average over 150 pieces of new content are published from across the industry per month on mallowstreet. Members get access to the latest developments, industry views and a range of in-depth research.
All the content on mallowstreet is accredited for CPD by the PMI and is available to trustees for free.
Master trust Smart Pension has on Monday signed up to grassroots campaign group Make My Money Matter, pledging to develop its investment approach and commit to net zero emissions ahead of 2050, halving its emissions "significantly earlier than the 2030 deadline to align with the Paris Climate Agreement".
The master trust follows master trusts, providers and schemes like Nest, Aviva, Aegon, BT Pension Scheme and South Yorkshire Pensions Authority. Overseas, Ontario Teachers' has also committed to net zero, and Australia's REST Super made a similar pledge in an out of court settlement following legal action by a member.
As well as adjusting investments, in the first three months of 2021, Smart Pension will introduce an allocation to a new social impact fund.
“We are really excited about the difference our scheme can make over the short and medium term, and are currently actively working with our partners to develop funds that actually decarbonise the economy rather than offsetting in other ways - which does not address the real problem," said Paul Bucksey, managing director of the Smart Pension Master Trust, noting that the master trust intends to make further announcements over the coming months.
Richard Curtis, co-founder of Make My Money Matter, said:
"Smart Pension’s announcement sets a glowing example for the pensions industry. In pledging to take action now and make these changes in advance of the deadlines, Smart aligns itself with the aims of the Paris Climate Agreement that seek to limit global warming to a maximum of 1.5 degrees Celsius and avoids paying corporate lip service.
