MPs' Pension Scheme and Climate Change

Thank you for contacting me about the Parliamentary Contributory Pension Fund (PCPF) and climate change. I would like to assure you that the Government continues to recognise that climate change is one of the most serious long-term economic threats that this country, and indeed the world, faces.

I am proud of the Government's record on addressing climate change. The UK has played a leading role as the world has worked towards a global deal to reduce greenhouse gas emissions.
 
The PCPF is a funded defined benefit pension scheme, managed by Trustees in line with scheme rules and any relevant legislation. The Independent Parliamentary Standards Authority is responsible for oversight of the scheme. Therefore, changes related to divestment would not be a decision for the Government.
 
I understand that following concerns raised in this area in 2015, the Chairman of the Board of Trustees, Brian Donohoe, stated that he had received legal advice indicating that to exclude a sector would be incompatible with the Trustees' legal and fiduciary duties of investment.
 
Thank you again for taking the time to contact me.