Oral Answers to Questions

Anna Gelderd Excerpts

Monday 23rd June 2025 Commons Chamber

[Andrew Western]

I am sorry to hear about the case that my hon. Friend has highlighted. He will have heard the reform that I announced earlier, but I absolutely understand why he wants to raise this issue for his constituent, and if he would like to meet me to discuss it further, I would be happy to do that.

[Anna Gelderd (South East Cornwall) (Lab)]

8. Whether she is taking steps with Cabinet colleagues to help support climate and nature targets through her Department’s pensions policies.

[The Parliamentary Under-Secretary of State for Work and Pensions (Torsten Bell)]

The short answer to that question is yes. The Department is contributing to two consultations that will shortly be published by the Business and Energy Departments. They will invite views on the new UK sustainability reporting standards and transition plans. This will help investors, including pension savers and their schemes, to understand the impact of climate and nature on investments.

[Anna Gelderd]

As a co-chair of the all-party parliamentary groups on sustainable finance and on global deforestation, I remain concerned that around £388 billion in UK pension savings is still invested in fossil fuels and deforestation-related activities. Will the Minister reassure me further that undermining the long-term financial security of savers in South East Cornwall is not the Government’s intention, and will he commit to reviewing this, including via the Pension Schemes Bill and the landmark pensions review?

[Torsten Bell]

My hon. Friend has been a powerful campaigner on this issue for some years, and she will know that larger pension schemes are now required to publish annual reports with climate-related disclosures. The evidence shows that around two thirds of pension funds have a net zero commitment in place, and we will be reviewing those regulations over the course of this year.