Do you have a pension with the South Yorkshire Pensions Authority (SYPA)?
If you have a pension with SYPA, you can take action now to make a difference – read on!
The South Yorkshire Pensions Authority (SYPA) oversees £5.5 billion on behalf of employees and retired staff of the South Yorkshire councils. But are these funds being put to good use? How vulnerable are they to the ‘Carbon Bubble’? If something goes wrong, local councils are duty-bound to bail the fund out. So, there are risks not only to their pension fund holders, but to all who live in South Yorkshire.
The Sheffield Climate Alliance has been asking the SYPA to be more transparent. In October 2013, we started asking but we still don’t have good enough answers:
- How much does the SYPA have invested in fossil fuels, and how much in clean energy?
- How well do the SYPA fund managers monitor the financial risk from the investment it has in fossil fuels – the ‘Carbon Bubble’?
- Is the SYPA developing a policy on socially, ethically and environmentally sound investment?
If you have a pension with the SYPA, you can ask these questions.
Pension not with SYPA? The SYPA is a public body, with representatives on its Board from local Councils, trade unions such as Unison and GMB. So, we all can lobby on this with our trade union, faith group, and workplace or community organisation. If you cannot find the list of Board members on the SYPA website, contact us for it.
Raise the issue with your local councillor and the Council Treasurer. Is the Council monitoring the risk of being liable if the SYPA loses to the ‘Carbon Bubble’ and cannot pay the pensions?