The People’s Pension reappoints Chair of Trustee Board for extended five-year term

The People’s Pension1, the UK’s largest commercial master trust, today underlined its commitment to strong governance and stability by announcing that its Chair of Trustees, Mark Condron, will remain in post for a further five years.

The announcement of his new five-year term follows three years at the helm of the Board of Trustees, which he first joined in 2020. In Mark’s time as Chair, The People’s Pension, has become one of the country’s fastest growing asset owners and is projected to have reached £60 billion in assets under management by the end of 2030.

Mark’s reappointment comes at a pivotal time for workplace pension schemes which includes the Government focus on encouraging Funds to invest in private markets, including in the UK, and the impending introduction of Value for Money2 metrics. Earlier this year The People’s Pension announced that it planned to invest £4bn3, or 10 per cent of its growth pool assets, in private markets with substantial proportion focused on the UK, if assets are available that meet the return requirements.

In February, the Scheme also announced that it was appointing a further two asset managers, Amundi and Invesco4, to manage £28bn of its rapidly growing portfolio.

Commenting on his reappointment, Mark said:

“I’m delighted to be asked to Chair for an extended five-year term and am fully committed to helping the Scheme continue its remarkable journey as one of the fastest growing asset owners in the UK. It’s an exciting time for our seven million members as pension funds are continuing to play an increased role in the financial futures of both workers and the nation as a whole.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, which provides The People’s Pension, said:

“It’s fantastic news that Mark has agreed to continue to serve as Chair of Trustees – he is exactly the right person to be chairing The People’s Pension into the next exciting stage of its journey. Strong governance lays at the heart of all good pension schemes, which is why it’s so important that Mark will lead the Trustees for the next five years, a period which promises to be hugely significant.”

During his career Mark has held a wide range of senior positions with responsibility for pensions advisory and administration businesses. He is a Fellow of the Institute and Faculty of Actuaries and an Accredited Professional Pension Trustee.

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The People’s Pension Trustee Board announces new appointment

The People’s Pension1 has today announced the appointment of experienced pensions professional, Vicky Paramour, to its Trustee Board.

Vicky has joined six existing Trustee Directors and will oversee the running of the UK’s largest commercial workplace pension scheme, which serves 6.9 million members, or 1 in 5 of the country’s workforce.

A trained pension s actuary, Vicky has over 25 years’ experience in the pensions industry and a decade of experience as a professional trustee. She has worked with a range of schemes, both defined benefit and defined contribution, across a variety of different sectors supporting them on their individual journeys. She has rich experience in pensions which includes governance solutions, scheme design, funding and investment strategy review work, and member engagement.

As well as her role on The People’s Pension Trustee Board, Vicky currently acts as Trustee Director for Lloyds Banking Group Pension Trustees where she chairs the Investment and Funding Committee, and a Trustee on the Church of England Pensions Board where she chairs the Pensions Committee.
Prior to joining The People’s Pension, Vicky was Managing Director at the Law Debenture Pensions Trusteeship and Governance business as well as previously working in a number of consulting roles at EY, WTW and Hymans Robertson.

Commenting on her appointment, Vicky said: “I’m thrilled to join the Trustee Board of The People’s Pension, the UK’s largest commercial master trust, entrusted with securing the financial futures of nearly seven million people. I look forward to working with a talented team and making a meaningful difference for our members.”

Commenting, The People’s Pension Chair of Trustees, Mark Condron said:

“The appointment of Vicky to the Trustee Board is fantastic news. With her wealth of experience in the pension’s industry and proven track record as a trustee, she will bring an invaluable new perspective to our governance. Her broad and detailed knowledge will be instrumental in helping us fulfil our mission of empowering individuals to build stronger financial foundations for the future.”

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The People’s Pension appoints Amundi and Invesco to manage £28 billion in assets

The People’s Pension1, the UK’s largest commercial master trust, has announced a major evolution as it continues to grow towards becoming a world class asset owner with the appointment of two prominent fund managers to oversee large parts of its rapidly growing investment portfolio.  

Amundi2, Europe’s largest asset manager, will manage £20 billion in passive developed market equities, while Invesco3, will take responsibility for more than £8 billion in fixed income investments for the £32 billion4 defined contribution (DC) scheme5.  

Both appointments represent a step forward in achieving greater alignment with The People’s Pension’s stewardship approach and priorities and will allow it to continue to evolve these high standards. 

The passive equity portfolio awarded to Amundi consists of five regional sleeves covering major developed markets and will continue to include climate-focused indices aligned with The People’s Pension’s responsible investment policy6.  During the selection process, Amundi showed strength in all areas of the team’s balanced scorecard, which was applied to all managers and looked for areas of excellence across six key factors: portfolio construction, people and teams, risk management and systems, firmwide considerations, responsible investment and partnership capabilities7.  

The fixed income mandate awarded to Invesco spans sovereign bonds, investment-grade credit, and high-yield bonds across the UK, US, Europe and Emerging Markets. The appointment meets The People’s Pension’s requirement for a manager that can serve as a long-term strategic partner, with experience across a range of sub-asset classes as well as being capable of delivering superior returns for members with strong access to markets which is particularly important given the scale at which the Scheme operates.

The mandate also incorporates defined maturity buckets, allowing for greater precision in managing risk and liquidity. Invesco’s approach will feature net zero alignment alongside environmental, social, and governance (ESG) analysis and active engagement with issuers to promote sustainable business practices while delivering robust long-term returns. 

Both new managers were selected following an extensive research and due diligence process run by the Equity and Fixed Income teams at People’s Partnership, which provides The People’s Pension.8

This move follows the recent transition of £28 billion of assets into segregated mandates held by the Scheme’s custodian, Northern Trust, providing The People’s Pension with greater control, transparency, and flexibility in its investment approach. 

Commenting on the appointments, Dan Mikulskis, Chief Investment Officer at People’s Partnership, said: “The appointments of Amundi and Invesco are the culmination of months of work for our team, signalling a major evolution for The People’s Pension as we continue to grow and enhance our investment strategy.  As one of the fastest growing asset owners in the UK, we have a responsibility to deliver strong, sustainable returns for our members and a best-in-class investment strategy. Both managers bring exceptional expertise and share our commitment to responsible investment, which is central to our approach.” 

Mark Condron, Chair of Trustees for The People’s Pension, said: “Our move to segregated mandates alongside partnering with world-class asset managers demonstrates our ongoing commitment to being a leading force for positive member outcomes in the pensions industry. These appointments highlight The People’s Pension’s broader mission to balance strong financial performance with responsible investment principles. By selecting Amundi and Invesco, we have chosen to prioritise sustainability, active stewardship, and long-term value creation for our near seven million members.” 

Valérie Baudson, Chief Executive Officer of Amundi, said: “We are proud that The People’s Pension has chosen to partner with us and we will work with them in the best interests of British pensioners. As retirement regimes in the UK and across the globe continue to evolve, this partnership highlights Amundi’s capabilities in the fast-growing DC market.”

Tony Wong, Senior Managing Director & Co-Head of Investments at Invesco said: “We are tremendously excited to be a long-term partner for The People’s Pension in generating the best possible outcomes for the Scheme’s members by deploying the asset allocation, research and portfolio management expertise of our nearly 200 professionals in our global fixed income team.  This a testament to the strength of our global fixed income platform but also delivers the full scope of Invesco capabilities to this strategic partnership.”

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Leading asset owners collaborate to set climate stewardship expectations

An asset owner coalition, representing cUSD$1.5 trillion (cGBP£1.2 trillion) of their members savings, have co-authored1 and endorsed the Asset Owner Statement2 on Climate Stewardship, a new resource for the sector.  Responding to asset managers’ requests, the statement sets out clear and consistent expectations regarding climate stewardship for them.

In the lead up to 20303, asset managers need to intensify their stewardship efforts to address the fiduciary risk that climate-related impacts present. The statement calls on asset managers to evolve and strengthen their climate stewardship strategies in light of the imperative need for climate action.

The Asset Owner Statement on Climate Stewardship aims to facilitate constructive conversations on climate stewardship and embed greater efficiencies into the stewardship chain, empowering asset manager stewardship teams to deliver on their asset owner climate objectives as part of their mandates. Ultimately, the group seeks to raise the bar on climate-stewardship across the investment sector.

Leanne Clements, Head of Responsible Investment at People’s Partnership, provider of The People’s Pensions, stated:

Now more than ever, by working together asset owners and asset managers can contribute to a more efficient and competitive industry, ultimately benefiting members.”

Developed from the Asset Owner ‘Aligning Expectations roundtable’ the statement seeks to address the main challenge identified in the UK Asset Owner Stewardship Review 20234: an ongoing and material divergence between asset owner expectations and implementation of climate stewardship that limits progress towards a net zero world and better outcomes for beneficiaries.

The statement, signed by 26 investors from the UK, Europe, Australia and the US, makes clear its principle-based expectations5 of asset managers on the crucial issue of climate stewardship, as follows:

  1. Industry/market and public policy engagement should be core to the climate stewardship proposition across asset classes
  2. Where permissible, asset managers should prioritise collaborative initiatives to achieve greater impact and embed efficiencies in engagement activities
  3. Asset managers’ prioritisation framework for company engagement should be rooted in a robust theory of change that delivers maximum impact
  4. A systematic approach to voting is imperative
  5. The stewardship function needs to be appropriately resourced

As owners of capital, the coalition, value their asset managers as their strategic partners in delivering value for their members. Created as a resource to support and empower their asset managers in delivering on their behalf, the statement builds on existing industry guidance. It delves deeply into five key principles and provides a clear indication on the level of scrutiny and detail expected.

Lead of this initiative, Leanne Clements, Head of Responsible Investment for People’s Partnership, provider of The People’s Pension, said:

“We, as asset owners, are the owners of capital and the mandates, and in these challenging times it is now more important than ever as an asset owner community to send a strong collective principle-based signal to our asset managers as to what we expect of them. Time is running out in the lead of up to 2030, asset owners and asset managers must work together in partnership to drive meaningful change: not only in the companies in which we invest, but in the underlying economic, social and environmental systems upon which our members depend”.

Vaishnavi Ravishankar, Head of Stewardship at Brunel Pension Partnership, reinforced the message,

“Our collective statement from asset owners representing cUSD 1.5 trillion of assets under management, responds directly to feedback from our managers to hear from asset owners jointly on climate stewardship expectations and represents an important signal to the market. The statement signposts what we, as representatives of our beneficiaries’ long-term interests, consider important for fund managers to demonstrate. We expect this to be a living document that will evolve through ongoing dialogues with our managers but in the first instance, codifies what we consider as best practice to inform manager selection and monitoring.”

Shipra Gupta, Investment Stewardship Lead at Scottish Widows, said:

“Systemic risks and opportunities, like climate change, require systemic and systematic interventions across the investment value chain. This statement sets out a clear principles-based framework of asset owner expectations of their asset managers encompassing the importance of influencing and shaping policy and regulation, of working in collaboration with stakeholders, of using their shareholder rights and responsibilities more effectively, and all of it being embedded in appropriate sectoral strategies and relevant technical expertise.”

Garnering support for the statement remains ongoing as of the date of this press release.  For further information, or to sign up to the statement please contact assetownerstatement@peoplespartnership.co.uk.

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People’s Investments Limited appointed primary investment adviser to Trustee of the People’s Pension

The People’s Pension1 today revealed it has appointed People’s Investments Limited2 (PIL) as the primary investment adviser to the Trustee of the People’s Pension Master Trust.  This comes after PIL received authorisation from the Financial Conduct Authority (FCA). 

The UK’s biggest commercial Defined Contribution (DC) pension master trust will now have a dedicated, in-house team producing investment advice and overseeing the assets, built and developed specifically with the needs of the Trustee and members of The People’s Pension in mind.  

 This announcement comes with the growth of the investment team, overseen by Chief Investment Officer Dan Mikulskis. With 23 investment professionals set to be in place by March, Dan’s team has nearly doubled in size in little over a year. The new hires bring rich experience and expertise across banking, hedge funds, asset management, asset owners and consulting3.  

This latest announcement follows the £32 billion Scheme’s recent statement that it has now reached the scale where it is set to begin investing in private markets from later this year. The People’s Pension already invests 14 per cent of its members savings in UK-based assets within its growth stage default fund.  

PIL will continue to benefit from the expertise of investment consultants where appropriate, using consulting firms on a project basis with a panel of potential providers.  

 Mark Condron, Chair of The People’s Pension Board of Trustees, said:

“It has been great to see the development of the investment team within People’s Partnership and we believe we are now at a stage where it is appropriate for the team to take on the primary advisory role to the Trustee.   

  “We thank Barnett Waddingham for their work in this role for much of the last decade which has helped put the People’s Pension in the strong position it is today and for their support in ensuring a smooth handover as we transition to the new arrangements with the maturing of the investment capability within People’s Partnership.”  

 Dan Mikulskis said:

“This is an important stepping stone in building the foundations of a world class asset owner, projected to be overseeing £50bn within the next four years.  

  “Advising our Trustee directly will enable us to find and implement new ideas more efficiently and quickly, leaving additional value in the hands of our members. It will enable us to develop the shared bond between executive and trustee board essential to the long-term success of asset owners.”  

 Chris Fagan, Chair of The People’s Pension’s Trustee Investment Committee, said:

“I am looking forward to working together with Dan and team extremely closely over coming years to deliver great outcomes for members of the People’s Pension. A close partnership between an investment committee and in-house experts is a key part of creating a great asset owner.” 

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The People’s Pension targets investing up to £4 billion into private market assets 

The People’s Pension1 has today revealed that it is set to start investing a significant proportion of the £31bn of assets it manages into private markets later this year, with a target to grow this allocation to £4bn by 2030.  

The nation’s biggest independent pension master trust says it is preparing to take its first steps into private market investment in the coming months with the imminent appointment of a Private Markets specialist and creation of a research capability. A substantial part of this new allocation of assets could be deployed in the UK, if assets are available that meet the return requirements. 

It is expected that over time The Trustees of The People’s Pension will target allocating up to 10 per cent of growth pool assets – or £4 billion2 – ­by 2030, initially in assets such as infrastructure and real estate. The Scheme has said this allocation will be dependent on it being able to access a ‘dependable pipeline’ of good quality investable assets that meet its return requirements at a fee level that leaves the benefits in the hands of members, and with the right operational structures in place.   

This latest announcement follows the £31 billion Scheme’s statement last year that it has now reached the scale to deploy meaningfully into private markets. The People’s Pension already invests 14 per cent of its members savings in UK-based assets within its growth stage default fund. 

Mark Condron, Chair of The People’s Pension Board of Trustees, said:

“What we are announcing today is a significant step forward on the path towards The People’s Pension investing in private markets, including key parts of the UK economy. 

“We are demonstrating how a responsible asset owner, operating at the right scale, can invest in both the best interests of its members and to the benefit of the wider economy in which they work.” 

Rachel Reeves MP, the Chancellor of the Exchequer, said:

“Growing the economy is the number one mission of the Government. This public commitment from one of the UK’s largest independent pension master trusts to invest here, at home in Britain, will help drive economic growth and support our milestone of improving living standards across the UK.”

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, which provides The People’s Pension, said:  

“We’re at a pivotal time for UK pensions with the government indicating a direction of travel toward scale and value for savers. As an independent £31bn master trust, without shareholders, we believe that now is the time to increase our investment in private assets for the benefit of our savers and the growth of the UK economy. The People’s Pension has a vital role to play in this exciting plan for the future of UK retirement savings.” 

Dan Mikulskis, Chief Investment Officer of People’s Partnership, said:

“As one of the fastest growing asset owners in the UK, our in-house investment expertise has grown significantly over the last 12 months and this journey will continue with the imminent appointment of a private markets’ specialist, broadening our investment reach. 

“In order for us to invest in private markets over this period it’s critical that the wider investment community, with support of the Government, provide a dependable pipeline of investable opportunities which deliver good value for our 6.8 million savers.” 

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People’s Partnership announces appointment of new deputy Chief Investment Officer

People’s Partnership, provider of The People’s Pension, has today further strengthened its rapidly growing investment team with the appointment of Phil Butler as Deputy Chief Investment Officer.

Phil joins the leading workplace pension provider from M&G plc, where he was a multi-asset portfolio manager in the Treasury and Investment Office. Starting his new role this week (December 2), Phil will be overseeing the investment operations and responsible investing teams at People’s Partnership at its City of London office, which opened at the start of the year.   

He joins at a time when The People’s Pension recently reached the £30bn assets under management milestone and is expected to reach £50bn in the next four years. Earlier this year the Scheme’s Trustee Board signalled its readiness to invest in private markets, due to the growing scale and expertise.

Commenting on his appointment, Phil said: “I’m delighted to be joining this fantastic organisation. The People’s Pension is one of the fastest growing asset owners in the UK and I have been impressed by their ambition and business outlook. I’m looking forward to working with such a talented team, one that is committed to securing the best outcomes for its 6.8 million members.”

Dan Mikulskis, the Chief Investment Officer at People’s Partnership, said: “Phil’s appointment underlines our commitment to building foundations for The People’s Pension becoming a world class asset owner. He will play a key role in helping People’s Partnership grow our team’s investment capabilities as we continue to make our increased scale work for members.”

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The People’s Pension halves carbon emissions of main investment fund

The UK’s largest independent master trust, The People’s Pension,has more than halved the carbon footprint of its main investment fund in 12 months.

In its annual Taskforce on Climate Related Disclosures (TCFD)2 report, People’s Partnership, provider of The People’s Pension, revealed that the total carbon emissions within the scheme’s Global Investments (up to 85% shares) Fund have been reduced by 53 per cent3.

Although the scheme’s assets have grown by £8billion in the past 12 months, the total carbon emissions of the Fund have dropped by approximately 400,000 tonnes of CO2e – which is the equivalent of a reduction of 35.3 tonnes of CO2e per £1 million invested.

Today’s announcement comes nearly eight months after the £30bn AUM fund announced the move of £15 billion of its assets under management into climate aware investment strategies4 and this allocation has since risen to £18 billion. It had been anticipated that this allocation of funds would reduce carbon emissions of the relevant fund by at least 30 per cent, but the new TCFD data shows this reduction is significantly higher.

Following the change to the asset allocation, the report lists three sectors as being responsible for over 70% of the remaining emissions of The People’s Pension’s growth assets: Materials, Utilities, and Industrials. Between 40-60 per cent of the investee companies within these sectors have set science-based targets5 to reduce their emissions. Overall, the Fund has seen an 8 per cent increase to 39 per cent invested in companies setting these targets.

The indices6 which guide the fund’s equity investments aim for a seven per cent per annum reduction in carbon footprint each year into the future, consistent with the Paris Agreement on Climate Change.

While updating the TCFD report the People’s Pension has added a new section on Nature as well as adding additional data drilling down into portfolios and sectors in order to position it as the scheme’s leading reporting document for Responsible Investment.

Mark Condron, Chair of The People’s Pension Trustee, said:

“This report tells a compelling story about how we use our size and influence to ensure our members’ savings are allocated and managed responsibly and reinforces our commitment to tackling climate change through investing.”

Dan Mikulskis, Chief Investment Officer at People’s Partnership, which provides The People’s Pension to 6.8 million savers, said:

“With greater size comes greater responsibility. We are committed to doing what we can to make sure the companies we invest in follow certain standards particularly in material sectors and in our priority areas of Climate, Nature and Human Rights.”

“The TCFD report has become a useful reporting vehicle across a range of climate and Responsible Investment areas”.

“Portfolio changes are one pillar of our strategy here, the other being our stewardship approach which is driven by the scheme’s recently-published Responsible Investment Policy7”.

The publication of the TCFD report follows the launch of The People’s Pension’s enhanced Ethical Fund8 which now sits among the leading ethical and sustainable offerings in the UK market.

The new-look fund’s enhancements include adding significantly more exclusions, such as a blanket exclusion for fossil fuels, including the value chains of coal, oil, gas, and carbon-intensive power generation. Other new exclusions in the ethical fund include weapons, alcohol, tobacco, gambling, adult entertainment, unsustainable palm oil, recreational cannabis, and for-profit prisons.

The People’s Pension’s offering implements a strict decarbonisation target as the upgrades will cut the funds carbon intensity by at least 50 per cent, with the goal of further reducing it by 10 per cent per annum.

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Provider of The People’s Pension moving towards investing in UK assets

People’s Partnership1, provider of The People’s Pension to more than 6.7 million people, has today said that it is moving towards investing in private markets, including UK-based assets.

In its response to the call for evidence ahead of the Government’s first pension review, the profit for people organisation has stated it is reaching the necessary scale, as well as developing the in-house capabilities that are needed, to invest in assets such as infrastructure and real estate.

The leading workplace pension provider and Trustees of The People’s Pension, who manage £29 billion of their members money, have said that investing in such assets in a way that leaves maximum value in the hands of members is part of a long-term plan for the future of the business. The People’s Pension already invests 14 per cent of its main investment fund in both UK listed companies2 and Government debt.

Mark Condron, Chair of The People’s Pension Trustee Board, said:

“As Trustees, we firmly believe in diversified investment opportunities that present good, consistent returns for our members over the long term. We have been looking at private markets for some time and we are now approaching the scale where we believe we will be able to invest in them effectively. Investing in such assets has always been dependent on schemes such as ours reaching scale.

“The business is building a team of specialists that will enable us to overcome some of the hurdles we have faced with accessing private markets in a way that maximises value for members.

“We remain committed to the fund having a positive impact both on our members as well as the UK economy.”

Dan Mikulskis, Chief Investment Officer at People’s Partnership, provider of The People’s Pension, said:

“It’s important that policymakers and the industry look closely at the Australian and Canadian models as these countries deliver the outcomes the UK government is looking for.

“The People’s Pension is fast approaching having £30bn in assets under management and has built the scale to start seriously considering investing in private markets. We are currently in the process of hiring the investment team members who will make this possible.

“We are also advancing work both with commercial asset managers as well as asset owner peers, with a view to putting top-class proposals in front of our trustees to allocate a portion of our assets to private markets. We believe that with our own asset ownership capabilities in place we will continue deliver fantastic value to members’ pensions.”

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The People’s Pension strengthens its expectations of fund managers in new Responsible Investment Policy

Leading master trust The People’s Pension1 has strengthened the expectations of its investment managers in its new Responsible Investment policy.

The £26 billion pension scheme’s newly published Responsible Investment policy2 sets out the minimum requirements and ongoing expectations that it has for its fund managers.  As part of its minimum requirements, fund managers are expected to have a commitment to net zero and adequate stewardship resourcing.  If these minimum requirements are not met, the Scheme’s Trustee has warned it will put their relationship under review, which could result with them moving their 6.7 million members’ assets to other managers.

The new policy also underlines The People’s Pension’s commitment to working with industry-wide groups such as Nature Action 1003 and Climate Action 100+4. The Scheme believes these groups are the best way to collaborate with others, to improve stewardship and engagement levels on behalf of retirement savers and other investors, and most importantly, expects the same commitment of its fund managers.

As part of the policy, the Scheme’s Trustee has set out clear objectives regarding its Responsible Investment approach. The policy sets out specifically how The People’s Pension plans to use its scale and influence as one of the largest UK asset owners toward this objective and the areas that it has prioritised.

The Scheme’s Trustee has said that climate change, nature and human rights are its three stewardship priorities going forward.

Fund managers will be expected to support The People’s Pension in achieving their emissions reduction targets, which are set out over the short, medium and long term:

• Net zero greenhouse gas (GHG) emissions by 2050.

• Halving its GHG emission intensity by 2030 for the Scheme’s growth assets.

• 30% GHG emissions intensity reduction by 2025 for the developed equity portion of the portfolio.

The document also includes new net zero voting guidelines which The People’s Pension expects its fund managers to implement5. It details when to vote against company directors in fossil fuel reliant sectors on both the supply and demand side, and on deforestation.  The guidelines represent a targeted approach to voting and company engagement, to achieve the maximum potential for impact. 

Leanne Clements, Head of Responsible Investment at People’s Partnership, which provides The People’s Pension to 6.7 million UK members, said: 

“Our new Responsible Investment policy has both our members’ views and interests at its very heart. With stewardship firmly under the microscope and the clock running down on critical issues such as climate change, now is the time to be bolder and braver in terms of what we expect of our fund managers. 

“Gone are the days of “tea and cake” engagement – what we want from our fund managers is evidence of a targeted approach to engagement, routed in a robust theory of change to achieve maximum impact.  We want to see evidence that limited stewardship resources are being employed in the most effective way possible, and that fund managers execute robust voting escalation strategies.  As an important complement to our portfolio construction approach on climate change6, we recognise the need to achieve real-world emissions reductions in priority sectors through targeted engagement.” 

Mark Condron, Chair of the Board of Trustees at The People’s Pension, said:

“The main objective is to drive better investment outcomes for our members and our stewardship objective is to encourage investee companies to behave in more responsible and sustainable ways. Hard working pension savers expect asset owners such as us to ensure that their money is invested responsibly, and this report outlines how we are doing just that. Our approach is to ensure both financial value and resilience of our members’ savings, which is why the requirements we have of fund managers are so robust.”

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