PCPF

The PCPF is managed by its Trustees who have an important duty to act in the best financial interests of its members. In this context, I know that the Trustees recognise the effect that environmental, social and governance (ESG) issues, including fossil fuels and climate change, can have on the long-term performance of the PCPF's investments. 
 
I am pleased that the Trustees have published a carbon footprint report for 2017 on their website, which found that the portfolio's current share of renewable power generation is in line with the 2025 IEA World 2-degree scenario. This report can be viewed at: 
 
https://www.mypcpfpension.co.uk/docs/librariesprovider12/investments/carbon-footprint-disclosure-as-at-31-march-2017.pdf?sfvrsn=4
 
While any changes related to divestment would not be a decision for the Government, I understand the Trustees have been engaged in detailed correspondence with MPs over investment strategy and beliefs, which are reflected in the fund's Statement of Investment Principles, which includes a statement of responsible investment. You may wish to know that the PCPF and its fund managers have signed up to the UK Stewardship Code, which is regularly reviewed by the Trustees.
 
I hope you are reassured that the Trustees recognise that active investment managers must take ESG issues into account, and they will continue to seek to ensure that these instructions are carried out through their ongoing monitoring processes.