London, 18 November 2020: PensionBee, a leading online pension provider, has asked its customers to pledge their support for its new Fossil Fuel Free pension, which will exclude companies with oil, gas or coal reserves, as well as tobacco companies and manufacturers of controversial weapons.
PensionBee has partnered with Legal & General to create the brand new fund, after seeing growing demand from its customers. The plan will have an annual management fee of 0.75%, with a 50% reduction for the portion of pension savings over £100,000.
In order to deliver the new plan at this price point, the pension provider is now seeking a collective £100 million commitment from its customers. Currently £31m has been pledged to the fund in just seven days, with expectations to reach the final total, and subsequently offer the fund to all new and existing customers, by the end of the year.
Clare Reilly, formerly PensionBee’s Head of Corporate Development, has been instrumental in developing the new plan which will ensure more of savers’ money is invested in companies who are committed to the transition of a greener economy. PensionBee has promoted Clare to Chief Engagement Officer, a newly created role, which will see her continue to manage the launch of the Fossil Fuel Free pension and all future customer-driven initiatives.
Clare Reilly, Chief Engagement Officer, of PensionBee commented “Every day people make values-based decisions about the food they eat and the companies they buy from – we want to give them the power to do the same with their pensions. In this past year the contradiction of investing your pension into companies that are destroying the planet has become clear to our customers. We are pleased to announce our campaign, and offer customers a way to build a pot to retire with, but also to create a world that is environmentally stable and safe to retire into. And as we’ve seen from the response already, sustainable investing is the future of pensions.”