Commons Sense

House of Commons · Ministers' Questions

Pension Fund Investments: Climate Change

Monday 27 January 2020 · 1 question

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 0 Not answered 0

Key points

  • Jerome Mayhew asked about steps to work with pension funds to encourage climate-friendly investments.
  • The Minister welcomed progress but expressed a desire to meet regarding a constituent's pension access issues.
  • The Minister explained that Parliament mandates a 30,000 threshold for withdrawing defined benefit pensions without independent financial advice.

Topics (select to filter)

Questions & Answers

Q1 Jerome Mayhew Con Dartford
Climate Benefits & Welfare
Context

UK occupational pension schemes have a significant role in supporting the Government's commitment to net zero by 2050. The Secretary of State is addressing steps taken to encourage these funds to make climate-friendly investment decisions.

Question

What steps she is taking to work with pension funds to encourage them to make investment decisions that help tackle climate change. I welcome the progress made but ask for a meeting concerning a constituent unable to access her pension without paying over £2,000 in fees for independent financial advice—money she does not have until accessing the fund.

Answer from Guy Opperman (Minister of State for Pensions)

Welcomes the MP to the House and agrees to meet him soon. Explains that Parliament required a £30,000 threshold before an individual can withdraw their defined benefit pension without independent financial advice, ensuring individuals are protected from uninformed decisions.

Answered
Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email