Steven Agnew MLA

Agnew delighted at Assembly pension scheme divestment decision

Steven Agnew MLA is delighted that the Trustees of the NI Assembly Members Pension Scheme (NIAMPS) have decided not to renew the contract with its current fund manager in order that they can pursue a lower carbon alternative.

The North Down MLA lobbied the Trustees to divest pension funds from fossil fuel companies and ensure that the Assembly pension scheme is invested in low carbon schemes.

Steven Agnew commented: “There is a mere 11 years to make the changes needed to avoid catastrophic climate breakdown.

“The Stormont stalemate has prevented us from addressing climate breakdown through locally enacted legislation.

“However, I’ve focused on what can be done. That’s why I’m delighted that I have convinced the NIAMPS Trustees of the importance of divesting Assembly pensions from fossil fuel companies.

“I congratulate the Trustees for their vision on this matter and their commitment to divestment. “The just transition towards sustainable energy sources is the huge challenge of our time. The Assembly should be showing leadership in tackling climate change and will be joining major investors such as the Norwegian Sovereign Wealth fund, the largest investment portfolio in the world, in committing to divestment.

“This is a win-win situation as globally low carbon investments have been outperforming traditional schemes over the past five years. In fact many organisations are now seeing investment in fossil fuels as a financial risk with Mark Carney, Governor of the Bank of England warning of the risk of ‘stranded assets’ – essentially where fossil fuel reserves become worthless as climate change policies take effect.

“I am keen that we get this right. There will now be a range of options for the NIAMPS Trustees from minimal divestment to divestment max. I urge the Trustees recognise that both financially and ethically full divestment is the right option.”

ENDS

Media contact

Sinead McIvor – 07701 302 498  

Tags: , ,