Britons support Government push for ‘greener’ pension schemes

Over two-fifths of Britons in favour got Government pressuring pension schemes to move away from investments driving deforestation

A survey amongst 1,003 Britons aged 40 and over with pension savings has revealed their approach to Environmental, Social and Corporate Governance (ESG) within their retirement strategies.

It found: •    Over two fifths (43%) support the UK Government placing pressure on pension schemes to transition away from investments that are driving deforestation•    36% support the UK Government’s policies that force pension schemes to mitigate for climate change•    45% want pension schemes to make their ESG information more accessible A significant proportion of Britons are in favour of the UK Government placing pressure on pension schemes to move towards greener investments, according to new research from My Pension Expert. The retirement adviser surveyed 1,003 UK adults aged 40 and over, all of whom with pension savings. It found that over two fifths (43%) of respondents understood what the term ESG means. Indeed, more than two in five (43%) of Britons support Government plans to place pressure on pension schemes to transition away from investments that are driving deforestation. Over a third (36%) are in favour of Government policies which force pension schemes to mitigate for climate change. More than one in seven (15%) claims that ESG is a consideration within their retirement investment strategy. Half (45%) of Britons aged 40 and over want pension schemes to make ESG information more accessible. Indeed, only 9% have incorporated ESG into their retirement strategy within the previous five years. Even fewer (7%) have discussed their ESG preferences with an independent financial adviser. Andrew Megson, executive chairman of My Pension Expert said: “British enthusiasm for ESG-based retirement strategies, and government policies, is evident. But without the right information, it will be impossible for Britons to make informed investment choices that support their personal ethics. “It is vital that pension providers, schemes and investments make their ESG information available to the public – and this will likely only be achieved with the appropriate reporting guidance and effective education from regulatory bodies, as well as the government itself. Progress is being made on this front. However, the government and regulatory bodies must do more to push forward formal regulations and deadlines for such reporting if they are to encourage more people to incorporate ESG into their strategies. “Until then, I urge Britons to be proactive and conduct thorough research to find pension savings options supporting ESG – or seeking help from an independent adviser, who can provide invaluable help on this front. In doing so, savers will be able to achieve their desired retirement outcome, whilst contributing to a more sustainable future.”

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