Richard Curtis, Aisling Bea, Carice Van Houten and Nabhaan Rizwan have also signed a new petition addressed to Pensions Minister Torsten Bell.
- The petition calls for government to take urgent steps to protect British savers’ retirements and to support green investment
- It follows on from the actors’ trade union pension announcing last year that it’s £130 million fund would exclude fossil fuel investments
- Organisations behind the petition highlight evidence that millions of British people face poverty in retirement
White Lotus star Jason Isaacs, national treasure Stephen Fry and comedian Aisling Bea are among the famous names supporting the launch of a new campaign to transform the UK’s pensions system.
A coalition of more than 30 charities and trade unions are calling on Pensions Minister Torsten Bell to act urgently to protect savers’ retirements, boost economic growth, and support the switch to a more sustainable economy. That would include reforms to help people save more, incentivising pension funds to invest more in the UK economy, and phasing out investment in fossil fuels and other highly polluting sectors.
The campaign comes as the UK government undertakes the biggest review of the pensions system in a generation, and hopes that the government will use the opportunity to deliver better outcomes for savers and pensioners, the economy and the environment. Without changes to the system, current low saving rates mean that millions of people are likely to reach retirement age without sufficient savings to meet their cost-of-living. Women and people of colour are disproportionately likely to be facing financial hardship in later life.
The petition has been signed by comedian BAFTA Rising Star Nominee Nabhaan Rizwaan, Game of Thrones star Carice Van Houten, Netflix stars Alex Lawther and Bessie Carter, Charity Wakefield and Jo Vanderham. The writer, director and campaigner Richard Curtis has also backed the launch of the campaign after announcing last month his green pensions campaign Make My Money Matter was to close after five years.
Richard Curtis said “Greener, fairer pensions are our superpower to protect the future for all generations. We need our leaders to put British savers and climate safety at the heart of the pensions reforms, to make sure our pension money is safely invested and part of creating a thriving planet to live on. There’s no point inheriting a pension in a world on fire”.
This is the latest effort from celebrities to raise the profile of greener pensions, with the actors’ trade union Equity last year announcing that their £130 million pension fund would exclude fossil fuel investments. Stars including Benedict Cumberbatch, Olivia Colman and Ambika Mod have fronted viral campaigns calling attention to UK pension investments in fossil fuels and deforestation.
The UK has one of the biggest pension systems in the world, but only a small percentage is invested in the UK economy. The coalition behind the new campaign argue that changing this could boost economic growth and support other government priorities, including the switch to clean and affordable energy and upgrading the UK’s housing stock.
At the same time, the review of the pensions system presents an opportunity to phase out investment in more harmful sectors. An estimated £88 billion of pension funds are still invested in coal, oil and gas, while a further £300 billion is invested in companies linked to deforestation. Research from Make My Money Matter found that just 1 in 5 people believe that their pensions should be invested in fossil fuels, while two-thirds of people want to see them invested in clean energy.
The petition, addressed to Pensions Minister Torsten Bell, calls for the government to:
- Deliver decent pensions for all.
- Fund a just transition to a thriving low-carbon economy.
- Phase out investment in fossil fuels, deforestation and other harmful industries.
Members of the public are encouraged to go to to.350.org/pensions to add their name.
Netflix star Alex Lawther said “We all need to know that we’re going to have at least two things to live on when we get to retirement – enough money and a safe planet. Our pensions can support that if they’re invested in things like clean energy and upgrading our homes. Right now, billions of pounds of our money is still propping up the fossil fuel industry, which is causing extreme weather like floods and storms. This campaign is about telling the government that we want our money to be building a safe future instead.”
Marloes Nicholls, Head of Advocacy at Finance Innovation Lab, said “The government are absolutely right to be prioritising reform of the pensions system. Without major changes, millions of people will struggle to make ends meet when they reach retirement age. At the same time, climate breakdown means that the decades to come are set to become increasingly difficult and dangerous. Our pensions are fuelling this crisis – but they could also turbo charge the solutions. If our pension funds were invested differently, they could play a vital role in supporting a rapid transition to clean energy and in creating jobs and growth in the technologies and industries of the future.”
Matilda Borgström from 350.org said “With an estimated £88 billion of our pension funds still tied to coal, oil, and gas, we are sowing the seeds of crisis rather than stability. We urgently need the government to reform the pension system so investment switches to reliable, affordable renewable energy and to deliver warmer, more energy-efficient homes. Future-proofing pensions means planting them in the fertile ground of a sustainable economy, not in the crumbling foundations of a dying fossil fuel era. The time to act is now, before today’s investments become tomorrow’s regrets.”
Morgan Vine, Director of Policy and Influencing at Independent Age said: “Our pensions system should support everyone to save for a financially secure retirement. Right now, that’s simply not happening. Currently almost two million older people are experiencing poverty in later life, a large contributor for which is that they don’t have an adequate income. Our research found that if current trends stay the same, the number of older people in poverty could almost double by 2040. The UK Government needs to reform the system to guarantee that everyone will have enough to live on in older age.”